The Limited Liability Partnership Act 2000 is not to be confused with Limited Partnership Act 1907.
The limited Partnership is a true partnership governed by the common law of partnership and the Partnership Act 1890.
These special features of Limited Partnership include some but not all of the partners have limited liability and are prohibited from managing the business. They also unable to bind the partnership as against the outsider.
Certain information about limited partnership also need to be filed with the Registrar of the Companies.
Limited Partnership has to indicate in their name from 1 October 2009 the title LP or Limited Partnership. The existence of sleeping partner was justified under the 1907 Act who turned out to be someone who contributing the assets to the partnership and wishes to become a member of the partnership in order to protect his / her investment while waiting for the appropriate return of his / her investment with no tendency to be involved in the running of the business.
In 2015, there are 33000 limited Partnership.