Limited Partnerships are governed by the Partnership Law (2013 Revision), which requires them to be registered with the Registrar of Limited Partnerships.
Registration is affected by the filing with the Registrar and the gazetting of a declaration by all the general partners, giving the name of the partnership, the nature and principal place of business, names and addresses of all partners, and the amount of capital provided by each limited partner.
A limited partnership may be established by two or more persons or entities for the transaction of any mercantile, mechanical, land holding and development, agricultural or manufacturing business or any business for the development of tourism. It must consist of one or more general partners, who are liable for all debts and obligations, and one or more limited partners, who are not liable for more than the actual cash they contribute. A company may be a general or limited partner.
To operate a business in the Cayman Islands a partnership requires a license under the Local Companies (Control) Law. Such licenses are granted by the Trade and Business Licensing Board, which has discretionary powers unless the business is 60 percent Caymanian-owned.