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UK LP VS UK LLP?

There's no difference from a tax point of view and neither pay tax - the income is allocated to the partners in an LP and members in an LLP and they pay personal tax on it in the normal way.

The key difference between from a practical point of view are that in an LLP all the members have limited liability while in an LP the general partner has unlimited liability (and is usually a limited company to avoid that issue) and deals with the management, while the limited partners have limited liability and tend to not be involved in the management.

Generally LLPs are used for professional organisations where everyone is involved, LPs are used for investment vehicles where most investors are passive.
 
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No, this is still correct.

But, a UK LP will always be regarded as a partnership for tax purposes in other countries du to the fact that one partner has unlimited liability. Wheras, a UK LLP will often be regarded as a company for tax purposes in other countries.
 

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