Scottish Limited Partnership

(LP) with a bank account starting from 2350 USD

A Scottish limited partnership (SLP or LP) is a unique vehicle for your business success. A Scottish Limited Partnership (LP) must consist of two or more partners. An individual or a company can be a partner of a Scottish LP. However, unlike a general partnership  in which all partners are jointly liable for all the partnership debts, a limited partnership has two types of partner: general partners who are liable for the debts and obligations of the limited partnership and limited partners whose liability is limited to the extent of their capital contributions. A limited partnership must have at least one general partner and one limited partner. A limited partner cannot take part in or interfere in management of the limited partnership. Management functions are exclusively allocated to the general partner.

Advantages/Disadvantages

• By having non-resident partners, the profits of the LP are not liable to UK taxes. In this case the LP only needs to file a nil tax return.
• Separate legal entity: this means that the LP is legally viewed as a separate person - the LP itself can own assets, enter into contracts, sue or be sued, own property, borrow money and grant certain types of securities.
• Tax transparency: this means that the LP is taxed as if it is not a separate legal entity. No tax is payable by the LP itself. Instead, the UK tax authorities (and other foreign tax jurisdictions) look through the partnership structure and partners are taxed on their share of partnership income and gains arrived at in accordance with their profit-sharing ratios (which can be different from the ratios in which capital has been contributed).
• Limited management participation: the legal requirement that limited partners may not participate in management makes LPs ideal for multi-party investor structures where management and control rests with the general partner or manager appointed by the general partner.
• SLPs can be used flexibly in funds structures.
• Probably one of the most attractive elements of LP is that there is no requirement to submit annual accounts unless the one of the partners is a Limited Company. In that case The Partnerships (Accounts) Regulations 2008 apply, and accounts will have to be filled along with the limited company accounts
• Information such as names, addresses and dates of birth of members would fall into the exemption if the Data Protection Act because the Companies Act requires the Registrar to maintain this information and provide it via the public register.
• If any changes are made to any of the details previously registered, the Registrar must be notified of the change within seven days.

Our experts offer clients a unique discounted package as follows:

• A full registered LP with all documents
• Bank account

Total:  $3800     $3425

The documents you will receive are:

• Notary Certificate
• Certificate of Incorporation
• Partnership Agreement
• First minutes of Meeting
• Ownership Certificates
• Apostilled set of copies of the above corporate documents for bank account opening
• Courier delivery of copies to the bank and originals to you

After the registration is completed, we will work with several banks in order to get pre-approval for your business. The choice of the bank depends on the needs and activity of your future company, so we will get a professional consultation from a banking specialist of our company in order to choose the most suitable option.

Documents required to open a Scottish LP:

• Proof of ID (international passport) - certified copy
• Proof of residential address (UB not older than 3month) - certified copy
• Bank reference letter /bank statement
• Professional reference
• CV
• Completed and signed KYC1 form and order form (drafts will be provided in due course)

Note:

Documents must be translated into English.

• Documents must be provided in good quality scans for review.
• In case any of the abovementioned documents cannot be provided, we are always open to alternative documents.

The LP will be established during 1 week on average after all requested documents are provided and payment received.  Apostille takes additional five business days.

If you want to register a structure in Scotland, please don´t miss this fantastic opportunity. Contact us now.