Part 1: Registration of Overseas Entities Schedule 2: Registrable beneficial owners Part 5: Supplementary provision about interpretation of Schedule Limited partnerships
Where a limited partnership is deemed to hold shares or rights in an entity, the limited partners will hold those shares or rights jointly and will meet the specified conditions accordingly (see paragraph 12). Limited partners will not, however, normally be involved in the management of the partnership business. They do not therefore have control over the entity in the same way as other holders of shares or rights. Paragraph 23 accordingly provides that an individual does not meet the first, second or third specified conditions of paragraph 6 by virtue only of being a limited partner.
	Similarly, paragraph 23(2) provides that individuals who directly or indirectly hold shares or rights in relation to a limited partner are not considered to meet the first, second or third specified condition by virtue only of that interest.
	Paragraphs 23(1) and (2) do not apply in relation to identifying whether an entity meets the requirement set out in condition 5(a) of paragraph 6.
	For the purposes of this paragraph, "limited partner" means a limited partner in a limited partnership registered under the Limited Partnerships Act 1907 (other than one who takes part in the management of the partnership business); or a foreign limited partner.
	In this paragraph "foreign limited partner" means an individual who (i) participates in arrangements established under the law of a country or territory outside the United Kingdom, or (ii) has the characteristics prescribed by regulations made by the Secretary of State. Any such regulations will be made under the affirmative resolution procedure.