Businesses can take many forms and may vary in size and complexity. These fact sheets focus on the three business types below:
- A limited partnership is incorporated as a separate legal arrangement that has two types of partners; general and limited partners. The difference between general partners and limited partners is that limited partners are only liable to the extent of their financial contribution to the partnership. They also have restrictions on involvement in management and the activities that they can undertake within the partnership.
- A sole trader is a person trading on their own and is not incorporated.
- Partnerships can be two or more persons who have an agreement to run a business. Many partnerships are established with a formal agreement.
Download the customer due diligence: Limited Partnerships 2024, PDF
Download the customer due diligence: sole traders and partnerships, PDF
Related
Download the Beneficial ownership guideline, PDF
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