An English limited partnership (LP) is a partnership registered in accordance with the Limited Partnerships Act 1907. It must be formed by two or more persons and must carry on a business in common with a view to profit. An English limited partnership is not a separate legal entity and cannot hold property, including shares, in the partnership name. In contrast, a Scottish limited partnership is a separate legal entity so can enter into contracts and hold assets in their own name rather than through the agency of the LP’s general partner.