Partnerships are usually established for the purpose of holding assets or investments on behalf of a family and are often used as an alternative to a trust.
A partnership is a business where two or more individuals share ownership. While there are many advantages to establishing a structure of this type, one crucial point to note is that the partners will be held personally liable for any mistakes and losses and are not afforded limited liability. A limited partnership can overcome this as it comprises a general partner with unlimited liability, as well as limited partners whose liability is restricted to the amount of capital they contribute to the partnership.
The general partner is responsible for the day-to-day management of the partnership and it is common practice to limit their liability by establishing a limited liability company to act as general partner. In a number of jurisdictions family limited partnerships can be classed as a collective investment scheme, making it necessary for a licensed service provider to administer the structure.
We establish and administer various types of partnership and incorporate a company to act as the general partner. We provide directors, registered office, registered agent, nominee shareholders, accountancy and administration services as required.