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Incorporate a Limited Partnership in Scotland With a Bank Account

Incorporate a limited partnership in Scotland with a bank account

Scottish LP Registration

Incorporate a limited partnership in Scotland with a bank account: limited partnerships, or Scottish LPs, have been around in one form or another for centuries. In the UK, the LP was written into law in 1907, but Scottish Limited Partnerships - SLPs - are notably different from those in the other constituent nations of the UK. The key difference is that while LPs in England and Northern Ireland are not viewed as separate legal personalities from their partners, in Scotland they are.

A limited partnership has long had significant advantages over non-limited partnerships. Whereas in an ordinary partnership, all partners are liable should the organisation default on its debts, limited partnerships offer limited partners the chance to operate with limited liabilities, leaving only the general partner(s) will full liabilities.

Coddan has years of expertise in incorporating limited partnerships in Scotland. The option to incorporate such a Scottish limited partnership with bank account offers additional advantages. Using Coddan's banking services, partners can create business bank accounts with a range of major UK business banks, which Coddan works with, including Barclays, HSBC and NatWest. Incorporating a limited partnership in Scotland with bank account is one of the best ways to get your partnership started on the right track.

These banks are generally able to have business bank accounts up and running within 24 hours of an appointment, while Coddan has expertise in incorporating SLPs in under 24 hours. One assurance that must be made is that you are able to meet your responsibilities in terms of tax and reporting. Coddan is able to offer all UK clients a business account for free, although unfortunately this does not extend to clients registering from overseas. We can also help to open a banking account for a Scottish limited partnership in Switzerland, New Zealand, Belize, in Latvia and other countries.

There are major advantages to setting up a limited partnership in Scotland. The separate legal personality allows the partnership to take out loans, own property, sue and so forth. Combined with these facilities, however, the tax status of a SLP remains as in the rest of the United Kingdom. Tax is still payable by individual partners.

Many Coddan clients find the flexibility of this arrangement beneficial when operating, while there is also the possibility of a more favourable tax arrangement than some other arrangements.

Coddan's experience in all aspects of incorporating and operating a limited partnership in Scotland extends to minimising tax relief as well as income and capital gains tax. We also offer advice on restructuring and reorganisation, the reduction or deference of tax bills, profit extraction alternatives and dealing with cross-border tax issues where they arise. if you wish to register a Scottish LP with the bank account, we can help!