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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 Core Accounting and Tax Service
  • Online articles
  • Useful links
  • Articles and books from the Library

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Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 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 Core Accounting and Tax Service.

Companies legislation

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Companies Legislation 2021

The full text of the UK Companies Act 2006 and related legislation, including Limited Liability Partnerships Act 2000.

Partnership law

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David V Woods, Paula Smith Accountants Legal Service 2021

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.

The law and practice of limited liability partnerships

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Steve Collings Accounts and Audit of Limited Liability Partnerships 2020

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

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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