Barristers & Solicitors
Patent & Trademark Agents

Corporate & commercial

Limited Partnerships

These are sophisticated partnerships which are often set up for tax reasons where limited liability partners declare profits and losses on his or her own personal income tax return and general partners with unlimited liability remain responsible for all of the debts of the corporation. For this reason general partners are often limited corporations. Furthermore, limited liability protection may be lost in a number of ways including any active involvement of an alleged limited liability partner in the operations of the partnership. This structure should not be attempted without significant legal and accounting advice.