12/04/2017.

New and existing private investment schemes can now be designated as ‘Private Fund Limited Partnerships’ – a new form of limited partnership introduced by ‘The Legislative Reform (Private Fund Limited Partnerships) Order 2017’ to clarify certain issues and build on the benefits that limited partnerships can deliver for sponsors and investors.

In addition to introducing PFLPs, the Order also amends legislation applying to PFLPs and partners in PFLPs. Key provisions include

• removing the requirement for limited partners to contribute capital to a PFLP

• enabling limited partners to appoint a person to wind up a PFLP

• creating a non-exhaustive list of actions by limited partners that do not amount to management and therefore loss of limited liability status

‘Companies House forms for limited partnerships’ lists the postal forms that limited partnerships can file with Companies House.