On June 5, 2015, the Legislative Yuan passed the Limited Partnership Act, which introduces the limited partnership scheme.  Highlights include: (1) a limited partnership is composed of general partner(s) and limited partner(s), whose rights and obligations are primarily governed by a partnership agreement; (2) the general partner is responsible for management and bears joint and several liability with the limited partners; the limited partner contributes property or other consideration required by the limited partnership and enjoys limited liability to the extent of the limited partner’s contribution; (3) contribution in limited partnership may include cash, other property, credit, service, or other consideration; (4) voting rights in the limited partnership may be allocated based on the number of partners or amount of contribution, as provided in the partnership agreement; and (5) frequency of distribution of profit or recognition of loss may be contractually determined by the partnership agreement, such distribution or recognition need not occurr annually.