Guide

Set up and run a limited partnership

Last updated: 7 March 2017

Becoming an authorised partnership

General partners can apply for the limited partnership to act as an authorised contractual scheme (ACS).

In an ACS money or property ('assets') are pooled and managed on behalf of the partners. Partners co-own the assets but only pay tax on their share of any profits - the scheme doesn't pay corporation tax.

The Financial Conduct Authority (FCA) has guidance on getting a limited partnership authorised.

Tell Companies House

You must tell Companies House if the FCA has authorised your limited partnership to act as an ACS.

Download and fill in the change of details for a limited partnership form - you must include your ACS authorisation number.

Send the form to:

Companies House
Fourth floor
Edinburgh Quay 2
139 Fountainbridge
Edinburgh
EH3 9FF

There's no fee.

Set up and run a limited partnership
Becoming an authorised partnership