Scottish Limited Partnership: the benefits of incorporating in Scotland
A Limited Partnership registration in Scotland offers different advantages than other company structures in the UK. Scottish LPs are considered a legal entity and as a result can hold assets in their own name, as well as having significant tax benefits that differentiate them from the structures available in England & Wales.
Anyone wanting to establish a Limited Partnership in Scotland must be aware that Scotland has its own partnership laws and the process is therefore different to elsewhere in the UK.
Because of this, we would recommend to seek the proficiency of an experienced service provider to manage the incorporation. At Eltoma Corporate Services, we have experts on hand for advice you from starting the formation procedure of a limited partnership in Scotland, all the way to completion.
An official business address in Scotland is necessary when forming a Limited Partnership, however if this has not been arranged, either because you're not currently living in Scotland or are a non-national, our services include providing this address for you.
The official business address will be where the Companies House will send all official correspondence and documentation from the authorities. Eltoma can take care of this on your behalf and forward everything on to you.
A limited partnership in Scotland is officially registered with Companies House located in Edinburgh, and is essentially a structure with a minimum of one general partner and one limited partner. The limited partner or partners are able to contribute assets to the enterprise, or any capital such as property.
The general business partners are consequently responsible for any obligations as previously agreed, as well as any debts that may occur throughout the company’s trading life. The limited partners will only be responsible for the amount they have contributed to the business, however they do not control the business, have any rights with the running of the business, nor are they allowed to take out what they have originally contributed.
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