News / General

The Limited Partnerships Act 1997

By SLAS Spokesperson

The Law Commission and the Scottish Law Commission has issued a joint Consultation Paper No.161 and No.118. The purpose is “ to update the law and to remove doubts which have caused concern to users of limited partnerships and their advisers”

It is pointed out that over the last ten years limited partnerships have been used increasingly for property investment. They are also used by venture capitalists for European as well as UK funds, and in Scotland in agricultural tenancies. Since 1997 they have also been used as vehicles for investment in Lloyds because their separate legal personality enables them to become names.

The Paper suggests that reform is necessary to maintain the form of partnership in the venture capital market. There is a view that the Act is “generic and archaic”

Comments are invited by 11th January 2002.

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