Partnership in Scotland

Information about Scottish Limited Partnership

Scottish Limited Partnership always consists of two or more partners who are engaged in entrepreneurship. In contrast to the partnership, in which the partners bear equal responsibility for all possible partnership debts that have arisen as a result of the activities of the partnership, there are two types of partnership. General partners are responsible for all partnership debts and partners with limited liability, whose liability is limited to the contribution to the authorized capital of the partnership. An obligatory condition is the availability of at least one general partner in the partnership. A limited partner can not participate in partnership management. The Limited Partnerships Act 1907 also regulates a limited partnership.