Limited Partnership Act 1907

The Limited Partnership Act 1907 is a UK law that allows for a business structure known as a limited partnership. In this arrangement, there are two types of partners: general partners, who manage the business and have unlimited liability for its debts, and limited partners, who invest money without being involved in management and whose liability is capped at their investment amount. This act provides a legal framework for these partnerships, ensuring clarity on roles and responsibilities, encouraging investment while protecting limited partners from personal financial risk beyond their contributions.