An LP is a partnership consisting of a minimum of two partners, with at least one general partner and at least one limited partner. An LP does not have a separate legal entity from the partners. A general partner is responsible for the actions of the LP and is liable for all debts and obligations of the LP. A limited partner is not liable for debts and obligations of the LP beyond his agreed contribution, provided he does not take part in the management of the LP. Profits are either taxed at partners’ personal income tax rates (if individual) or corporate tax rate (if corporation).
Interested in Limited Partnership (LP)?
Business Support Services
Share this story
- Singapore to launch new corporate structure for investment funds
- Hong Kong grants first virtual banking licenses
- Singapore crowned as world’s most competitive economy
- China strengthen protections for trademark rights and trade secrets
- When is a trust not a trust?
- The benefits of outsourcing your payroll
- Sovereign welcomes Caring Company status in HK
- Escrow services now offered by Hong Kong office
Businesses, wherever they are based, must pay the salaries of their employees in a timely manner. Where wages are not…
Trusts are an important tool for succession planning and wealth protection because they allow for a separation of legal and…
Sovereign Trust (Gibraltar) Limited
Tel: +350 200 76173