The Department for Business, Energy & Industrial Strategy has launched a consultation on proposals to strengthen and update the legal framework governing limited partnerships. Proposals include:
- that those registering a limited partnership confirm they are subject to anti-money laundering supervision with an appropriate supervisory body
- that the registered principal place of business of a limited partnership be required to remain in the UK or, if moved outside the UK, a UK service address be registered
- requiring an annual confirmation statement as to the accuracy of the information on the public register
- allowing for the removal from the public register of defunct or non-compliant partnerships.
The department is particularly asking for views from, among others:
- users of limited partnerships
- directors of companies
- the investor community
- business representative bodies
- professional bodies
The consultation closes on 23 July.