Limited partnerships—fundamentals


Published by a ÑÇÖÞÉ«ÇéÍø Corporate expert
Practice notes

Limited partnerships—fundamentals


Published by a ÑÇÖÞÉ«ÇéÍø Corporate expert

Practice notes
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This fundamentals note considers some of the key characteristics of limited partnerships established in England under the Limited Partnerships Act 1907 (LPA 1907).

What is a limited partnership?

A limited partnership is a form of partnership vehicle created under the LPA 1907, which among other uses, has been employed as the standard vehicle for Private equity Funds. Like a general partnership, a limited partnership is not a legal entity but is a relationship between partners, ie unlike a body corporate, a limited partnership established in England does not have separate legal personality.

LPA 1907 defines a limited partnership as consisting of:

  1. •

    one or more persons called ‘general partners’ who are jointly and severally liable for all debts and obligations of the partnership, and

  2. •

    one or more persons called ‘limited partners’

For further information see: The nature of a limited partnership and its legal framework — What is a limited partnership?

What is a private fund limited partnership (PFLP)?

A private fund limited partnership (PFLP) is a form of limited partnership vehicle under the LPA 1907 introduced into

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United Kingdom
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Key definition:
Private equity definition
What does Private equity mean?

Equity-related capital used to finance change in an unquoted (ie non-public) company. Private equity is an investment in shares which are not quoted on the stock exchange, and are therefore less marketable (and liquid) that public equity (ie quoted shares).

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