Limited Partnerships (LPs) are available in Ireland however they are quite rarely used, and only a handful are registered in Ireland each year. An LP must consist of at least one general partner and one limited partner. The partnership should not consist of more than 20 persons or, if carrying on the business of banking, of more than 10 persons. The general partner(s) is/are liable for all the debts and obligations of the firm. The limited partners contribute a stated amount of capital and are not liable for the debts of the partnership beyond the amount contributed. A partnership can be made up of natural persons or corporate entities. Investment Limited Partnerships (ILPs) are sometimes used in the fund’s industry, and Lawyers can now trade as Limited Liability Partnerships (LLPs) under the Legal Services Act.