A limited partnership (LP) is a business registered under the Limited Partnership Act 1907. A LP is one in which at least one of the partners restricts their liability for the debts and obligations of the firm to a pre-determined sum, instead of bearing unlimited liability as a partner normally does. The partnership must consist of at least one general partner who manages the business and bears unlimited liability to creditors, and at least one limited partner. A LP is often used as an investment vehicle.
Set out below are further details regarding what a LP is, how it can be registered, the restrictions on the choice of a LPs name, what details a LP needs to publish as well as whether a LP agreement is needed.