Partnership law
On this page you find guidance and background information on partnership law.
The essential structure of UK partnership law was established by the Partnership Act 1890; subsequent legislation has created limited partnerships and limited liability partnerships. While LLPs are a different legal form, some aspects of partnership law also apply to them.
What's on this page?
- Bloomsbury Accounting and Tax Service
- Online articles
- Useful links
- Articles and books from the Library
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.
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David V Woods, Paula Smith
Accountants Legal Service
2023
A chapter on partnership law, covering the three types of partnership, relation of partners to third parties and between themselves, termination of partnership and other practical matters.
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Companies Legislation
2023
The full text of the UK Companies Act 2006 and related legislation, including Limited Liability Partnerships Act 2000.
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Steve Collings
Accounts and Audit of Limited Liability Partnerships
2023
A chapter on the law and practice of LLPs, covering the legislation, incorporation, forming an LLP, the members' agreement, designated members, duties and responsibilities of members and whistleblowing protection.
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Online articles
The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.
Is Scotland a safe haven for fraud?
Recent months have seen an increasing prevalence of Scottish Limited Partnerships in fraudulent activity. Reportedly, 20 SLPs were involved in a Moldovan bank fraud with losses estimated at $1 billion. This article discusses the sudden popularity of SLPs and their potential role in money laundering operations.
Tax code breakers
HMRC changes to the taxation of LLP members kicked off one of the biggest shake-ups in the UK legal market in years.
LLPs that have junior partners could be hit hard by new rules that will allow HMRC to disregard their self-employed status
Controversial new legislation will enable HMRC to disregard a member's self-employed status in an LLP and treat that individual as an employee of the LLP.
When is a partner 'retired'?
When a longtime partner or employee retires from a firm, a sense of loyalty often compels existing partners to allow the individual to have a symbolic role at the firm.
Useful links
ICAEW
Limited partnerships
Helpsheet summarising the essential features of a limited partnership. Last reviewed April 2019.
Limited liability partnerships
Subject gateway dedicated to LLPs.
GOV.UK
Limited partnerships: Reform of limited partnership law
Consultation launched in April 2018 by the Department for Business, Energy & Industrial Strategy on proposals aimed at improving the regulatory regime governing limited partnerships and to prevent their misuse. The consultation closed in July 2018.
Guide to legal forms for business
Guide from the Department for Business, Innovation & Skills that sets out the difference between general and limited partnerships
Register a limited partnership
Guide produced by Companies House explaining how to register a limited partnership.
Atom Content Marketing guides
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Whether you are forming your first business or adding to an existing one, it pays to set it up correctly. Choosing the wrong business structure exposes you to unnecessary costs and risks.
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Companies or individuals with debts they are unable to pay are said to be insolvent. By the time a business starts thinking about insolvency, things are already going badly. Topics covered in this briefing include ways to reduce risk, the order of payment for creditors, administration, bankruptcy and alternatives to bankruptcy.
Legislation
Articles and books in the Library collection
Selected books
Partnership and LLP law
(Wildy, Simmonds & Hill Publishing, 2018)
A explanation of the law relating to all three types of business partnership available under English law: general partnerships, limited partnerships and LLPs. Includes a sample partnership/LLP agreement.
Lindley and Banks on partnership
(Thomson Reuters, 2017)
The leading text on the law of partnership for legal professionals. Updated with supplements between new editions. The 19th edition includes a detailed look at case law since the creation of LLPs.
Partnership law: the modern law of firms, limited partnerships and LLPs
(Bloomsbury Professional, 2015)
A comprehensive guide to the modern law of partnerships, limited partnerships and LLPs in England and Wales. Features sections relevant to partnership, employment law, venture capital, corporate law, private client work, insolvency and commercial law.
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