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Scotland LP

General Information

Area – 78,722 sq. km

Population – 5,347,600 people

Capital – Edinburgh

Official language – English

Official currency – Pound Sterling (GBP)

Key Aspects

Incorporation and administration of partnerships in Scotland is rather streamlined.  One of the key advantages of a Limited Liability Partnership is the fact that its members are not personally liable for the fulfilment of long-term obligations of a company and obligations under the agreements signed by them on behalf of a company. The company name must finish with the words ‘Limited Partnership’ or abbreviation ‘LP’. Information about beneficiaries is not disclosed.

Company Type

Limited Partnership (LP)

Corporate Legislation

In view of historical reasons, the law of Scotland essentially differs from the English common law and originates from the Roman laws. The processes of legislation integration are gradually going on but this process will keep continuing for quite a long time. The legislative bases of the activity of a limited partnership (LP) are based on the Limited Liability Companies Act 1907.

Main Requirements for Company Founders

To incorporate a partnership, at least to partners are required. One partner is the general partner and the second one – the limited partner. Partners may be natural persons or legal entities, residents of any country. In our standard specification a company is incorporated with two founders, residents of offshore jurisdictions.

Authorised Capital

Payment of the authorised capital is not stipulated.

Accounting

Partnerships incorporated on the territory of Scotland must maintain accounting records given that the founders are legal entities, non-residents of Great Britain. It is not required to file accounts with the tax authority given that business is done outside the country.

Taxation

Partnerships carrying out their business outside Scotland and Great Britain are not subject to taxation and, therefore, are exempted from paying taxes in the country of incorporation given that partners are non-residents of Great Britain.

Questions that need to be answered to prepare incorporation documents

  • Passport details of the beneficiary and agent
  • Copy of the ID pages of the passports of the beneficiary and agent
  • Utility Bill of the beneficiary and agent
  • Several preferable firm names