UK Limited Partnership Reform Will Benefit Investors

Law360, New York (March 10, 2017, 12:10 PM EST) -- The limited partnership (LP) is a widely used vehicle in the European private funds industry, particularly within the private equity sector. It offers a flexible, tax-transparent structure that affords investors (i.e. the limited partners) limited liability status, as long as they do not participate in the "management" of the LP's business.

A deficiency of the current LP legislation is that it does not set out what constitutes "management." Investor clients often ask their counsel to what degree their monitoring, advisory and consultation rights could be construed as management of an LP and jeopardize their limited liability. To date, market practice has...

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