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What is a Scottish Limited Partnership (SLP)?
A Scottish Limited Partnership (SLP) is a company established between at least two partners; one being the main partner, who is responsible for running the business, and a limited partner who contributes cash or property. The limited partner is not legally or financially responsible for the business in the same way as the main partner.
Why choose an SLP structure?
An SLP allows for a tax-efficient strategy as they are considered "fiscally transparent" by HMRC, so the Partnership itself is not taxed, only the profits that go directly to the partners are taxed. As the partners are taxed directly, this means:
- Non-UK residents will only pay UK tax on income that was earned in the UK, so any trade occurring offshore from the UK will only be taxed at the partner’susual tax rate, depending on their country of residency;
- UK residents will be subject to the usual level of taxation for their income bracket, and will not be subject to multiple levels of tax (at personal and corporate level, for example).
The other major benefit of an SLP is that the Partnership is its own legal entity; which means it can own its own property and conduct legal matters in its own name, not in the name of its partners.
Incorporating an SLP with Formations House
With our innovative and low-cost service, we have taken the difficulty out of establishing a new Limited Partnership in Scotland. With expertise honed since 2004 and after forming over ten million companies , our business specialists have the knowledge to provide a bespoke service catered to your new business’s needs.To get started, we require the proposed name of your SLP Company and the address where the company will be registered . In addition, we will require the personal details of the partners to be registered with the company. If another corporate entity is to be registered as a Partner, then we will require the company name of this entity and its registration number. IR1263