The Law practice operating within GLC provides legal advice in the process of establishing limited partnerships. It also provides support in the transformation of existing business entities into a limited partnership.
In practice, a limited partnership is an advantageous form of conducting business, both in terms of reduced business risk and tax optimisation. Having the appropriate legal structure, the limited partnership allows to exclude shareholders from personal liability and to avoid double taxation.
What we do
Limited Partnership – the scope of GLC offer:
- legal and tax advice at the stage of setting up the business structure best for functioning of a limited partnership;
- legal, fiscal and financial audit of Client’s business activities to establish the possibility of transformation into a limited partnership
- assistance in solving tax problems, including those resulting from transformations into a limited partnership
- drafting documentation: balance sheet, articles of association, statute, registration documents of a limited partnership
- representation before the tax office.
Any partnership, i.e. registered partnership, professional partnership and limited joint-stock partnership, can be transformed into a limited partnership. It is also possible to transform a general partnership and a cooperative into a limited partnership.
In the case of persons running a business, we prepare and support the process of establishing a limited partnership and bringing in an operating business as a non-monetary contribution to the newly formed limited partnership.
Thanks to the cooperation of solicitor, tax advisors, legal advisors and lawyers specializing in commercial law and tax optimisation, and with the support of a statutory auditor, the GLC legal team is able to offer comprehensive package of services to set up a limited partnerships and to transform entities into limited partnerships.
Limited company – benefits for the entrepreneur:
- single taxation of income, only partners act as payers of individual income tax
- possibility of establishing an incorporated capital company as a general partner of a limited partnership in order to limit the personal liability of natural persons
- limiting the liability of a general partner to the amount specified in the partnership agreement (the so-called ‘limited sum’), while simultaneously the partner brings in contribution to the company at the level equal to the limited sum.
- no need to have a share capital (as is the case with limited companies and limited joint-stock partnership)
- freedom to agree the profit distribution ration among the partners, regardless of the amount of their contribution
Thanks to the advice from GLC experts the process of transforming a business into a limited partnership will be easier, safer and tax efficient.