What ethical responsibilities do general partners have to one another?
What is a beneficial owner for tax purposes?
The legal and beneficial ownership of property can be separated using a declaration of trust. A declaration of trust confirms the beneficial ownership of a property and sets out the respective beneficial interest of each tenant in common, regardless of the title entries at the Land Registry.
Who is exempt from beneficial ownership rule?
A limited partnership is different from a general partnership in that it requires a partnership agreement. The general partner or partners are responsible for running the business. They have control over the day-to-day management of the business and have the authority to make legally binding business decisions.
In a partnership, each partner has a legal duty to act in the partnership’s best interests, as well as the best interest of the other partners. There’s also the legal duty of individual personal liability for partnership obligations. General partners are liable for all contracts entered into by other partners.
