The Limited Partnership Bill, that was passed by Parliament on 18 November 2008, introduced a new business structure called the Limited Partnership ("LP") which will come into effect on 4 May 2009.
The Limited Partnership Bill, that was passed by Parliament on 18 November 2008, introduced a new business structure called the Limited Partnership ("LP") which will come into effect on 4 May 2009. An LP is a structure consisting of at least one general partner and at least one limited partner. Under the LP structure, only the general partner is liable for all debts and obligations that the LP incurred while the limited partner will only be liable for the debts and obligations of the LP until the amount of his agreed contributions.
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