A partnership may be created simply by the execution of a deed by all the partners concerned or even by mutual oral agreement. Partnerships are subject to similar requirements to companies (and sole traders) insofar as the business must be registered and, if applicable, must obtain a trade license, respectively. Limited partnerships may also be formed under the Limited Partnerships Act. A limited partnership must have at least one person known as the “general partner,” who is liable for all debts and obligations of the firm. The remaining partners, known as “limited partners,” are normally only liable to the extent of the capital contributed to the partnership. However, a limited partner will be deemed to be a general partner if they are involved in the management of the partnership’s business. Application for registration must be made to the Registrar of Limited Partnerships at the Registry of Limited Partnerships.
The Limited Partnerships Act requires a limited partnership to have a registered office in Gibraltar, and if none of the partners are residents of Gibraltar, it requires to appoint a secretary resident in Gibraltar. The act provides, inter alia, for:
Accounts need only be filed with the Companies Registry if all the partners are limited companies. A copy of the accounts must, however, be submitted to the ITO for income tax purposes.