Limit On The Number of Partners
A limited partnership may not normally consist of more than 20 persons. However, under section 717 of the Companies Act 1985 there are a number of exceptions to this rule, including:
- a partnership carrying on practice as solicitors and consisting of persons each of whom is a solicitor;
- a partnership carrying on practice as accountants where the partnership is eligible for appointment as a company auditor;
- a partnership carrying on business as members of a recognised stock exchange and consisting of persons each of whom is a member of that exchange;
- a partnership carrying on business as surveyors, auctioneers, valuers, estate agents, land agents, or estate managers and consisting of persons of whom at least three-quarters are members of the Royal Institute of Chartered Surveyors and of whom not more than one-quarter are limited partners;
- a partnership carrying on business as insurance brokers and consisting of persons each of whom is a registered insurance broker or an enrolled body corporate. (For the meaning of 'registered insurance broker' and 'enrolled body corporate' see section 29(1) of the Insurance Brokers (Registration) Act 1977.);and
- a partnership which is a collective investment scheme the operator of which, or the manager of the investments of which, is an authorised person under Part IV of the Financial Services and Markets Act 2000 or a European Economic Area firm or a Treaty firm with permission under the Act to operate the scheme or manage the investments.
According to Indian Partnership Act of 1932, Section 4, " Partnership is defined as the relation between two or more persons who have agreed to share the profits of business run by all or any one of them acting for all ".
Read more about this topic: Limited Partnerships In England And Wales
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