Lloyd's members can underwrite as limited partners of a Scottish limited partnership. This provides limited liability without using a limited company vehicle.
A Scottish limited partnership is an entity that is legally separate from its members. This avoids the problem associated with general partnerships in England and Wales, under which each partner can be liable for the debts of all the other partners (known as joint and several liability).
Partners can be either individuals or companies.
Scottish limited partnerships are treated in a similar manner to other corporate Lloyd's members.
A Scottish limited partnership has a single general partner with unlimited liability who is responsible for administering the business of the partnership. There can be additional partners who take no part in the running of the partnership and usually have limited liability and typically these partners are non-working Names.
To be a member of Lloyd's, a Scottish limited partnership must have its principal place of business in Scotland and be registered as a limited partnership with Companies House, under the auspices of the Registrar of Companies
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Web page updated on 17 Mar 2025 15:14