Partnerships
Qualifying Partnerships Under the Partnerships (Accounts) Regulations
The Partnerships (Accounts) Regulations 2008 outline the criteria for qualifying partnerships in the UK. A qualifying partnership is defined based on its structure and the status of its members. These regulations ensure compliance with financial reporting requirements and apply to partnerships formed under UK law.
Criteria for Qualifying Partnerships
Partnerships Formed Before 1 October 2013
A partnership qualifies if it meets one of the following criteria:
- The organisation is a limited company.
- The organisation is an unlimited company or part of a Scottish partnership with at least one member being a limited company.
Partnerships Formed On or After 1 October 2013
A partnership qualifies if it meets one of the following criteria:
- The organisation is a limited company.
- The organisation is an unlimited company whose members include a limited company.
- The organisation is a Scottish limited partnership where each general partner is a limited company.
- The organisation is any other Scottish partnership where all members are limited companies.
These updates align with the Companies Act 2006 amendments and aim to improve transparency and accountability in partnership reporting.
Recent Updates and Legislation
In 2024, the UK government introduced amendments to enhance the reporting standards for qualifying partnerships under the Economic Crime and Corporate Transparency Act 2023. This legislation reinforces financial transparency, particularly for limited partnerships, and introduces stricter requirements for disclosing beneficial ownership.
Useful Links
- Partnerships (Accounts) Regulations 2008 Offers the full text of the regulations, detailing the criteria and reporting obligations for qualifying partnerships.
- Companies Act 2006 Guidance Provides a comprehensive overview of the Companies Act, including its relevance to partnerships and corporate governance.
- Economic Crime and Corporate Transparency Act 2023 Explains the latest measures to enhance transparency and reduce economic crime, particularly for partnerships and limited companies.
For more detailed insights into companies and their filings, explore our Business data product which provides extensive Company Data on all UK-registered companies.
- Glossary: Small CompanyDefinition of a small company for accounting purposes. Small companies disclose less information than medium and large companies for accounting purposes.
- Glossary: Companies Exempt from Filing Accounts with Companies HouseDue to the nature of their structure, some Companies are Excluded from filing their accounts with Companies House, this includes Royal Charters.
- Glossary: Filed Accounts PartnershipsThe Partnerships (Accounts) Regulations 2008 require members of a ‘qualifying partnership’ to prepare accounts, those members that are also limited companies must attach to their own filed accounts for filing with Companies House.
- Glossary: Filed Accounts for a Small CompanyTo qualify a small company must meet at least two of the following conditions; annual turnover must be not more than £10.2 million, the balance sheet total must be not more than £5.1 million, the average number of employees must be not more than 50.
- Glossary: Company Types and AbbreviationsNot all companies in the UK operate in the same way, some limit liability, others don't, some have shareholders, and some don't. What do the abbreviations PLC and LTD mean?