template

Standard Limited Partnership Agreement (England)

by
Genie Team
Genie Team
Oct, 10 2023

When to use this template

The Standard Limited Partnership Agreement (England) under UK law is a legal template document outlining the terms and conditions governing a limited partnership in England. A limited partnership is a common vehicle for business entities where one or more general partners manage the partnership's operations and are personally liable for its debts, while limited partners contribute capital but have limited liability.

This agreement serves as a foundational document that defines the rights, responsibilities, and obligations of the general partners and limited partners within the partnership structure. It covers various aspects such as the roles and responsibilities of each partner, the initial contributions made by the partners, and how profits and losses will be allocated. Additionally, it outlines the procedures for admitting new partners, transferring partnership interests, and resolving disputes among partners, if any.

The agreement also addresses matters related to management and decision-making, including the authority granted to the general partners, procedures for meetings, voting rights, and the nature of partner consensus. It may further stipulate provisions regarding the duration of the partnership, termination conditions, and procedures for winding down the partnership in case of dissolution or insolvency.

These standard terms and conditions are designed to offer a fair and balanced framework that complies with UK legal requirements while providing contractual clarity and protection for all parties involved. However, it is crucial to note that this template is not comprehensive legal advice, and any business or individual seeking to create a limited partnership should consult with a qualified legal professional to tailor the agreement to their specific needs and to ensure compliance with the most up-to-date UK legislation.

Key issues covered in this template

  • Appoint nominee
  • Deemed received
  • Distribution of funds
  • Invalid email
  • Operating expenses
  • Partnership documents
  • Partnership ownership
  • Transfer restrictions
  • Unauthorised profit
  • Voting with interests
  • N/A

What to watch out for

  • The standard provisions that are typically found in a limited partnership agreement for an English limited partnership registered in England in accordance with the Limited Partnerships Act 1907

  • The limited partnership agreement should contain provisions regarding the management and control of the partnership, the rights and duties of the partners, the distribution of profits and losses, and the dissolution of the partnership

  • The limited partnership agreement should be clear and concise, and should be reviewed by a qualified lawyer before it is signed

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Author

Genie Team

Genie Team

@genieteam
Genie AI

The Genie Team consists of lawyers and paralegals. Our aim is to open source the law and provide high quality, regularly reviewed legal documents.

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Additional information

Business categories

Business activities

Relevant sectors

Finance

Other

Relevant company sizes

1 - 3

20 - 49

250 - 999

4 - 19

50 - 249

1000 +

Governing law

England and Wales

Language

English UK

Gender neutral

Yes