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.