Open a limited partnership in Scotland within 24 hours: opening a limited partnership in Scotland has a number of key differences and benefits from ones in England and Wales. They still have to adhere to the Partnership Act 1890, but they are regarded as more beneficial in terms of liability and responsibility.
One of the main requirements to open a Scottish limited partnership is having an appropriate office. However, there is some ambiguity as to whether your main operations have to be close to this address. This means it is currently possible to have a business running in England, but use an address in Edinburgh or Glasgow for administrative purposes.
All limited partnerships must have at least two partners, but unlike regular partnerships these parties are not always jointly liable for any obligations or debts. Instead, they can be set up so that general partners are liable for debt, while limited partners are only accountable for their own contributions to the business.
Advantages of opening a Scottish limited partnership: one of the unique features of a limited partnership registered in Scotland is that they have their own legal status, allowing them to enter into contracts, buy assets, borrow funds and sue other parties. However, the partnership is not taxed as a separate legal entity. Instead, its partners are taxed on the profits they themselves have made from the partnership. This makes them ideal for people that are investing in multi-party schemes where they do not require any managerial duties.
Coddan Ltd can help to open a limited partnership in Scotland with the registered office address: if you are considering a limited partnership in Scotland, then give the experts at Coddan Ltd a call. The team has been helping people register Scottish limited partnerships for many years and can tailor an efficient service to meet your needs. What's more, they can help you with setting up a registered business address in either Glasgow or Edinburgh so you do not even have to find your own premises and can operate your new partnership from other parts of the UK or overseas if you so wish.
International clients who enquire about the Scottish LP are getting wrong information from their local service providers who are not fully aware about the regulations in the UK. They get an impression that SLP is a vehicle that is used for trade and that does not require filing of any returns. Trying to save money on a proper advice and not knowing the legal system of the country where you incorporate your entity can have severe consequences for your business. To have a proper advise, please contact us by phone or e-mail.