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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?

  • Online articles
  • Useful links
  • Articles and books from the Library

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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.

Working towards diversity

The article focuses on the improvement of ethnic minorities and women representation at senior levels in accountancy professions in Great Britain. PWC has announced that it wants to increase the number of women and ethnic minorities at business partnership within the organizations in Britain. It also discusses reasons on the poor representation of women and ethnic minorities, such as lack of role models and people desirability to like people who are like them.

Useful links

ICAEW

Limited partnerships
Helpsheet summarising the essential features of a limited partnership. Last reviewed May 2016.

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 closes 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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