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Only an LLP is capable of being considered as a body corporate and as such ? under some forms of group structure ? will not break up an LTT group for the purpose of claiming group relief. On the contrary, a general and a limited partnership is never a body corporate and will break up a group structure for LTT purposes.
Your Limited Partnership Agreement can include details like: the name, address, and purpose of forming the partnership; whether limited partners have any voting rights regarding the day-to-day business decisions; how decisions will be made (by unanimous vote, majority vote, or majority vote based on percent ownership); ...
An LP must have two or more owners. At least one must be a general partner who has unlimited, personal liability, and one must be a limited partner who has limited liability but is prohibited from participating in business management.
You must include the following information: the firm's name. nature of the business. the business address. full details of people with significant control, relevant legal entities, and other registrable persons, and their nature of control. name and signature of each general partner.
This is similar to a UK company having a registered office. A Limited Partnership is officially registered with Companies House which makes it different from a general partnership. General partnerships are simply two people working together under one business name.