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New type of limited partnership – April 2017

6th April 2017

New legislation introduces a new type of limited partnership.

The Legislative Reform (Private Fund Limited Partnerships) Order 2017 came into force 6 April 2017.

The new order introduces private fund limited partnerships (PFLPs) and amends the 1907 Act, which applies to PFLPs and partners in PFLPs. New and existing private investment schemes can be structured as limited partnerships.

To register as a new PFLP, you need to use the new form LP7. An existing limited partnership applying for designation as a PFLP should use the new form LP8.

Changes have also been made to the existing Companies House forms LP5 and LP6.

The forms are:-

  • LP5 – Application for Registration of a Limited Partnership
  • LP6 – Statement specifying the nature of a change in the limited partnership
  • LP7 – Application for registration of a limited partnership as a private fund limited partnership (In accordance with section 8A and 8D of the Limited Partnership Act 1907)
  • LP8 - Application for designation as a private fund limited partnership (In accordance with section 8D of the Limited Partnerships Act 1907)

You can find the new legislation in the Legislative Reform (Private Fund Limited Partnerships) Order 2017.

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