Limited Partnerships - changes coming soon

Information about limited partnerships (LPs) will become more accessible and transparent under measures introduced by the Economic Crime and Corporate Transparency Act.

When the measures come into force, LPs will be required to:

provide the names, dates of birth and usual residential addresses of partners

verify the identity of general partners

provide a registered office in the UK

provide a Standard Industrial Classification (SIC) code

file an annual confirmation statement

LPs must submit their details through an authorised agent (also known as an authorised corporate service provider) who's registered with Companies House. This is to ensure that the data is trustworthy and fit for purpose.

There will be new powers to:

close and reinstate limited partnerships

impose sanctions

protect partners' information

operate a statutory compliance process

These measures will require secondary legislation before they're implemented.