Earlier this year, The Department for Business Review, Energy & Industrial Strategy (BEIS) held a consultation on its Review of Limited Partnership Law: Call for Evidence. But what was the consultation about and why now? Scottish Limited Partnerships have been in the headlines, and here we look at what they are and why they've been attracting attention.
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Brought into force on 26 June 2017, the Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (S.I. 2017/694), introduced a requirement for eligible Scottish Partnerships to identify, and file with Companies House, people with significant control. Similar regulations for both LLPs and Companies were enacted in 2016.
The Government published on 17th January its new bill on Private Fund Limited Partnerships. Harper Macleod helped to formulate the bill by giving a detailed response during the consultation exercise and we are pleased to have been named as a respondent in the Treasury paper.