Company Formation in Scotland LP

Taxation of LPs in Scotland

The limited partnership is seen as a «flow-through» structure, which means it is not liable to any corporate taxes.

• The partners are liable to pay an income tax to the Irish Tax Administration if they are residents of Ireland and/or if the profits have been generated on the soil of Scotland;
• Therefore, profits generated out of Scotland attributed to partners also out of Scotland will not be taxed.

DTAA signed by Scotland

Many countries have bilateral conventions to avoid double taxation and prevent fiscal evasion.

Albania, Algeria, Anguilla, Antigua-and-Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaidjan, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Bermuda, Bolivia, Bosnia-and-Herzegovina, Botswana, Brazil, British Virgin Islands, Brunei Sultanate, Bulgaria, Cameroon, Canada, Cayman Islands, Chile, Czech Republic, China, Colombia, Croatia, Curaçao and Dutch Antilles, Cyprus, Denmark, Egypt, Estonia, Ethiopia, Falklands Islands, Faroes Islands, Fiji, Finland, France, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Grenada, Guernsey, Guyana, Hong Kong, Hungary, Iceland, India, Indonesia, Iran, Ireland, Israel, Isle of Man, Italy, Ivory Coast, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Kosovo, Kuwait, Kyrgyzstan, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechetenstein, Lithuania, Luxembourg, Macedonia, Malawi, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Moldova, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Myanmar (Burma), Namibia, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Panama, Papua New Guinea, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saint-Kitts-and-Nevis, Saudi Arabia, Senegal, Serbia, Sierra Leone, Singapore, Slovakia, Slovenia, Solomon Islands, South Africa, South-Korea, Spain, Sri Lanka, St Lucia, Sudan, Swaziland, Sweden, Switzerland, Taiwan, Tajikistan, Thailand, Trinidad-and-Tobago, Tunisia, Turkey, Turkmenistan, Turks & Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United States of America, Uruguay, Uzbekistan, Venezuela, Vietnam, Zaire, Zambia, and Zimbabwe.

Accounting and audit requirements for a limited partnership in Scotland

No accounting nor auditing is required for limited partnerships operating outside of Scotland.

If you do business in Scotland, it will be required for LPs whose general partner is a Scottish limited company to provide the following:

• Balance sheet;
• Profit and loss account;
• Partners’ report & auditor’s report.

Economic substance and residency requirements for LPs in Scotland

There are no residential requirements for a limited partnership.

• 100% foreign ownership is allowed;
• A limited partnership is required to have a «principal place of business» in Scotland. This means having a registered address within the territory.

LegalBison offers help with all of the above requirements. We assist and are local on the ground. Speak now for free with one of our consultants to get your business started.