GBSLEP

How To Setup A Limited & Liability Partnership

You can set up a limited partnership to run your business.

You must have at least one ‘general partner’ and one ‘limited partner’.

General and limited partners have different responsibilities and levels of liability for any debts the business can’t pay.

All partners pay tax on their share of the profits.

You’ll need to:

  • choose a name
  • have a registered address
  • appoint general and limited partners
  • register with Companies House

The rules are different for setting up a limited liability partnership, an ‘ordinary’ business partnership or a private limited company.

Date last updated: 01/06/2015