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LPs) under the Limited
Partnerships (Guernsey) Law, 1995, as amended (
LP
Law). Though registered pursuant to the LP Law, an LP
is not generally a separate legal entity (although it can elect to
have separate legal personality from its partners at the time of
registration).
An LP reflects a formal legal arrangement between one or more
general partners of the LP and one or more limited partners of the
LP. A general partner of a Guernsey LP is liable for all of the
debts and obligations of an LP and is vested with certain duties
and powers with respect to the business of the LP. On the other