In March 2009 the then Department for Business, Enterprise and Regulatory Reform (BERR) announced that, following consultation, it would not be possible to implement a comprehensive overhaul of the law relating to limited partnerships ("LPs"). However, BERR noted the broad support for many of the key proposals. Details are set out in our Corporate e-bulletin 2009/11
On 4 June 2009, a draft Legislative Reform (Limited Partnerships) Order 2009 (the "Reform Order") was published which clarifies the registration process for LPs. The Reform Order also brings two significant changes:
- all new LPs are required to include "Limited Partnership" or "LP" or the equivalent at the end of their names; and
- the registrar has to issue a certificate of registration which is conclusive evidence that a LP came into existence on the date of registration.
The Reform Order comes into force on 1 October 2009 and applies to new LPs from that date. It is expected that further legislative reform orders will be prepared to implement other key elements of the reform proposal.
Please note that on 5 June 2009 BERR merged with the Department for Innovation, Universities & Skills to become the Department for Business, Innovation & Skills (BIS).