Scottish limited partnership
A limited partnership registered in Scotland. Unlike limited partnerships elsewhere in the UK, it has separate legal personality.
- Entiva fee to form
- $569
- Government fees to form
- £176
- Run plan
- $79 a month
- Steps to form
- 10
- Ongoing filings
- 4
- Ways to close
- 2
Who it suits, and what defines it.
Governed by the Limited Partnerships Act 1907.
Who it suits
- Partnerships that want to be registered in Scotland.
- Partnerships that need separate legal personality.
Key facts
- Legal personality
- Separate from its partners
- Registered in
- Scotland
- Control disclosure
- People with significant control, since 2017
- Confirmation statement
- Annual SLP CS01, fee £110
- Place of business
- In Scotland
- Changes
- Notified on LP6 within 7 days
- Registration fee
- £124, paper only
- Law
- Limited Partnerships Act 1907
What the law requires.
6 rules, each in plain words.
A principal place of business in Scotland
PSC information delivered to Companies House
A PSC holds more than 25% of surplus assets or votes, can appoint most of the management, or has significant influence or control.
An annual confirmation statement
The SLP CS01 is due within 14 days beginning the day after the end of each review period.
Changes notified on LP6 within 7 days
A limited partner's assignment must be advertised
An assignment of a limited partner's interest has no effect under the Act until it is advertised in The Gazette.
Registration before limited partners are protected
Until the certificate issues, the partnership is treated as a general partnership and every limited partner as a general partner.
How Entiva forms it.
10 steps. Entiva prepares and files each one, and collects every signature the law needs.
The steps
10 steps- 1Check the name is available
The UK has no name reservation.
- 2Adopt the partnership agreement
- 3Register the limited partnership
Form LP5(s) on paper, with the principal place of business in Scotland. Government fee: £124.
- 4Deliver the initial PSC information
Forms SLP PSC01 to PSC03.
- 5File a statement if there is no PSCOnly if needed
Only if there is no registrable PSC.
- 6Register for Self Assessment
Register with HMRC.
- 7Register for VAT
Needed once taxable turnover passes £90,000. Voluntary before that.
- 8Register as an employer for PAYEOnly if needed
Only if the partnership employs staff.
- 9Pay the data protection fee
Paid to the Information Commissioner's Office (ICO) before processing personal data, unless exempt.
- 10Set up handling of statutory postOnly if needed
Optional. Sets how post at the registered office or service address is handled.
Documents
5- LP5(s) application for registration of a limited partnership
- Limited partnership agreement (private and not filed)
- Initial significant control statement
- Evidence of control for the PSC statement
- Certificate of registration of the limited partnership
Who takes part
5- A general partner who is an individual gives photo ID and proof of address
- A company acting as general partner is checked, with the people who own it
- Limited partners with 25% or less are named and screened
- Limited partners with more than 25% give ID and proof of address
- Each person with significant control gives ID and proof of address
What has to be filed, and when.
Entiva tracks every deadline from the day it is formed, and files before each one.
Every year, and as things happen
4 filings- File the SLP confirmation statement
Within 14 days after each review period. Fee £110
- File the Partnership Tax Return
31 October (paper) or 31 January (online) after the tax year
- Deliver accounts of a qualifying partnership
With the corporate partners' accounts, if the partnership qualifies
- Pay the data protection fee
Every 12 months, on the renewal date the ICO sets
The changes Entiva handles.
Each change is prepared, approved, signed and filed.
The most common changes
9 changes- Change the partners
- Change the partnership's name or other particulars
- Change the principal place of business
- Assign a limited partner's interest
- Designate the partnership as a private fund
- Change a PSC's details
- Record that someone has stopped being a PSC
- File a PSC statement
- Order certified copies of registry documents
How it closes.
2 routes. The right one depends on whether it can pay its debts, and who starts it.
Voluntary dissolution
When the partners agree to dissolve and wind up the partnership. The law that would remove it from the register is not yet in force.
- 1
Record the dissolution and report it on form LP6
- 2
Cancel the VAT registration
- 3
Close the PAYE scheme
Insolvent or court-supervised winding up
When the partnership is insolvent, or the Court of Session orders it. The law that would remove it from the register is not yet in force.
- 1
An insolvency procedure or a court order winds up the partnership
- 2
Record the dissolution and report it on form LP6
What Entiva does for you.
From the first filing to the last.
Scottish limited partnership
- Prepares the LP5(s) application with each partner's particulars and posts it.Formation
- Delivers the initial PSC information on the SLP PSC forms.Ongoing
- Files the SLP CS01 confirmation statement through the Companies House upload service.Ongoing
- Files the LP6 notice within 7 days when partners change.People
- Files the Partnership Tax Return (SA800) once the nominated partner approves.Ongoing
Build it with the API.
Every step on this page is an action in the Entiva API, with its documents, signatures and filing.
What it costs, item by item.
Every Entiva fee and every government fee, from forming it to closing it.
Forming it
$569one-off
- Government fees
- £176
Steps marked only if needed are not counted.
Closing it
From $129
- Entiva fee
- Fixed, quoted first
- Government fees
- At cost
Included in the Run plan
- File the SLP confirmation statement
- File the Partnership Tax Return
- Deliver accounts of a qualifying partnership
- Routine changes
- Every deadline tracked
Extra, at a fixed fee
- Pay the data protection fee
- Designate the partnership as a private fund
Each extra is quoted before it starts, and nothing is done until you approve it.
Forming it
Entiva's formation fee is $569, one-off. Government fees are passed through at cost.
£124, paper only.
The registration threshold is £90,000.
Tier 1 £52; tier 2 £78; tier 3 £3,763; £5 off by direct debit.
Excludes steps marked only if needed.
Every year
The Run plan costs $79 a month ($948 a year).
Tier 1 £52; tier 2 £78; tier 3 £3,763; £5 off by direct debit.
Changes
Routine changes are included in the Run plan.
Closing it
Closing is a fixed-fee project, quoted before it starts.
Entiva fees are in US dollars. Government fees are in the currency each authority charges, passed through at cost when the filing is made. Taxes are separate.
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