The Treasury is pleased to announce that the Limited Partnership (Legal Personality) Act 2011 was granted Royal Assent and came into force on 18 October 2011. The effect of this legislation is to afford any new limited partnership, registered under the Partnership Act 1909, the option of adopting a legal personality that is separate from that of its partners. Transitional provisions included in the Act allow existing limited partnerships six months from the date on which the legislation was enacted in which to make an election to continue in existence as limited partnerships with separate legal personality. Treasury Minister Mr Eddie Teare MHK said: ‘The new Limited Partnership (Legal Personality) Act 2011 demonstrates the Treasury and Department of Economic Development’s commitment to assist the financial services sector to continue to grow and develop. This is the first of a number of Treasury led initiatives that will be introduced over the next couple of years’. Ends