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Turks and Caicos: Types of Company

Limited Partnership

The law is contained in the Limited Partnerships Ordinance (1992). Every Limited Partnership must have at least one general and one or more limited partners. A Limited Partnership cannot have more than 100 partners. A general partner's liability is unlimited whereas the limited partners liability is limited to the amount of unpaid capital unless the partnership agreement specifies a different amount.

A general partner manages the firm; a limited partner who manages the firm will lose his exemption from limited liability. A general partner can be both a general partner and a limited partner at the same time. A partner may be an individual, a company or a partnership in itself .

At least one general partner must be resident or incorporated in the Islands or if the partner is a partnership then at least one of the partners of the partnership must be resident or incorporated in the Islands.

Every Limited Partnership must have the words Limited Partnership in its name and must have a registered office on the Islands for the service of process and delivery of notices. To register as a Limited Partnership the general partner must pay the prescribed fee and file at the companies registry a statement specifying the name of the partnership, the general nature of its business, the address on the islands of its registered office, the duration of the partnership and the full name and address of each general partner. A Limited Partnership must file an annual return and pay an annual fee.

 

 

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