Changes to limited partnerships
Under measures introduced by the Economic Crime and Corporate Transparency Act, limited partnership (LP) information will be more accessible and transparent.
When the measures come into force, LPs must:
- provide partners’ names, date of birth and usual residential address
- verify the identity of general partners
- provide a registered office within the UK
- provide a standard industrial classification (SIC) code
- file an annual confirmation statement
LPs will need to file their information through an authorised agent (also known as an Authorised Corporate Service Provider) that’s registered with Companies House. This is to make sure the data is trustworthy and fit for purpose.
There’ll be new powers to:
- close and restore limited partnerships
- apply sanctions
- protect partners’ information
- operate a statutory compliance process
These measures will need secondary legislation before they’re implemented.