Turks and Caicos IslandsTax
As the name implies, this form of partnership differs from the traditional partnership in that it offers limited liability to contributors of capital, but without the double level of tax on profits to which corporations and their members are subject.
THE LAW
TCI's Limited Partnerships Ordinance 1992 provides for a system of registration of firms comprising at least one general and one or more limited partners, not to exceed one hundred in all. A general partner is one who participates in the management of the firm and is liable for its debts, whilst a limited partner is one who contributes capital to the firm upon entering the partnership and, unless otherwise provided in the partnership agreement, is not liable for the firm's debts beyond the amount contributed. A limited partner may not participate in the management of the firm and if he does he loses his exemption from liability. A general partner may also have an interest as a limited partner. A partner may be an individual,
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