This is a short briefing note relating to two items:
(i) the Limited Partnership (Legal Personality) Act 2011 in relation to which the window for limited partnerships existing on 18 October 2011 to opt for legal personality will close shortly; and
(ii) the implications for CSPs of the Companies (Beneficial Ownership) Bill 2012.
Limited Partnership (Legal Personality) Act 2011
The Limited Partnership (Legal Personality) Act 2010 came into operation on 18 October 2011. It allows limited partnerships registered after the Act came into operation to elect (at the time of registration) to have legal personality. A limited partnership having legal personality means for example that it has perpetual succession and unlimited capacity, and can contract in its own name and hold property. Legal personality is neutral for Isle of Man tax purposes.
The Act provides that a limited partnership already registered when the Act came into operation has legal personality if within 6 months of the Act coming into operation the general partners so elect and an appropriate declaration is filed. That six-month window will close on 18 April 2012. General partners of limited partnerships may, therefore, wish to consider whether the limited partnership should make an election before that date. The tax implications in relevant jurisdictions of such an election should be carefully considered.
Download the full article here: Limited Partnership (Legal Personality) Act 2011 and Companies (Beneficial Ownership) Bill 2012