British partnerships (limited partnerships) are governed by the Partnership Act of 1907 (Limited Partnerships Act 1907). They should be distinguished from limited liability partnerships (LLPs), which are regulated by the Law of 2000 (Limited Liability Partnerships Act 2000).
Partnerships, as well as "ordinary" companies, are subject to state registration in the Companies Register. Despite this, they, for reasons more likely historical, are not considered separate legal entities if they are registered in England or Wales. This means that the partnership’s property owners are legally not the partnership itself, but its full partners. However, in practice this does not prevent partnerships from acting, in fact, precisely as an individual. If the partnership is registered in Scotland, it, in accordance with local law, is considered a separate legal entity (despite the fact that it is regulated by the same regulatory act of the United Kingdom).
From the point of view of taxation, the main feature of the partnership is that it is not subject to separate taxation (regardless of whether it is or is not a separate legal entity). That is, all partnership incomes, including undistributed ones, are treated as partners' incomes and are taxed as part of their income (in appropriate shares).
Thus, the British partnership is an effective tax planning tool that allows you to conduct international business, essentially, in a tax-free regime. At the same time, his image is slightly higher than the “ordinary” tax-free offshore company. What is important, unlike other British legal forms, such as a company and a limited partnership, a partnership, as a general rule, is not required to submit its financial statements to government bodies.