Limited Partnerships (without legal personality) - Legal Arrangement
A limited partnership ("LP") combines elements of traditional (general) partnerships with the benefit of limited liability for limited partners.
An LP only has legal personality if the partners so elect when the LP is registered. If the partners do not elect for the LP to have legal personality it will be a legal arrangement rather than a legal person.
LPs with or without legal personality consist of one or more:
- general partners, who have joint and several unlimited liability for the debts and obligations of the LP, similar to the position of partners in a general partnership, and
- limited partners, whose liability for any debts of the LP is limited to the amount contributed or agreed to be contributed.
Limited partnerships in Guernsey are governed by the Limited Partnerships (Guernsey) Law, 1995.
For more information on LPs see Basic Features of Legal Persons in Guernsey - Limited Partnerships.
