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Partnership in the International Context

Richard Turnor Partner and Phillippa Wilkie Associate Allen & Overy LLP describe partnerships in the international context
Partnerships and analogous organisations are widely used globally for a variety of purposes including as professional firms for joint ventures and as organisations to hold and manage investments collectively. The tax and regulatory advantages make them attractive in many other situations and the variety of entities available worldwide has proliferated.
The UK for example has English general and limited partnerships neither of which is a legal person separate from the members and Scottish general and limited partnerships both of which have separate legal personality under Partnership Act 1890 s 4(2). To this has now been added the limited liability partnership...

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