Does a 1907 Act limited partnership need to carry on a business?

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This topic contains 1 reply, has 1 voice, and was last updated by Does a 1907 Act limited partnership need to carry on a business? by Patrick Cannon 1 Patrick 4th December 2009 at 5:39 pm.

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    Does a 1907 Act limited partnership need to carry on a business? by Patrick Cannon 2
    Jules

    I read an article in the November issue of Tax Adviser which stated that for a partnership to exist the partners must be carrying on a business together with a view to profit.

    I appreciate that this is the statutory wording of the 1890 Act and so applies to ordinary partnerships, but the 1907 Act doesn’t use these words in its definition (although the term ‘business’ is referred to in the Act). Is it possible that the requirements for these two kinds of partnership are different?

    #412 Reply
    Does a 1907 Act limited partnership need to carry on a business? by Patrick Cannon 3
    Patrick

    No they are the same – see s7 of the 1907 Act which applies the same rules to limited partnerships except where the Act provides otherwise. LLPs formed under the 2000 Act may just be a different matter but it will normally be sensible to include some business activity in them in order to achieve direct tax transparency.

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