Gibraltar Limited Partnerships
A Limited Partnership is a form of partnership that, under Gibraltar Law, offers a series of advantages which may be desirable in specific circumstances. The governing legislation for Gibraltar Limited Partnerships is the Limited Partnerships Act 1927. Some of the features of a Gibraltar Limited Partnership are as follows:
- A Limited Partnership offers limited liability to certain of the partners;
- A Limited Partnership is a registered form of a partnership, as required by the provisions of the Limited Partnerships Act. Once registered, a certificate of registration and a registration number can be obtained from the Registrar of Companies in Gibraltar.
- A Limited Partnership registered in Gibraltar is not automatically subject to Gibraltar tax. If the management and control of the partnership is situated overseas, the partnership is deemed to be Gibraltar non-resident for tax purposes, although this needs to be carefully checked with the tax authorities.
Gibraltar Limited Partnerships allow for a number (the restriction on numbers of partners was lifted by amendment in 2013) of ‘General partners’ who are involved in the day to day management of the business and crucially are fully responsible for the Limited Partnership’s debts and other obligations, and ‘Limited Partners’ whose liability is limited to the extent of their contribution. Limited Partners have no power to bind the firm – only General Partners are able to do so.
At Hassans we offer a full range of company incorporation and partnership establishment services. We are also able to assist in the drafting of partnership agreements, the full range of corporate and commercia legal services such as employment law advice, assistance with applications for a business licence, the rental or other acquisition of commercial premises and the drafting and negotiation of commercial agreements.
For all enquiries relating to Gibraltar Limited Partnerships and associated services, contact one of our team members today.