OT42180 - Non-residents working on the UK continental shelf: computation of profits: Norwegian partnerships
Norwegian partnerships, or ‘Kommandlttselskapâ€� (K/S) are frequently engaged in operations on the UK continental shelf. »Ê¹ÚÌåÓýapp K/S is a limited partnership made up of a number of limited liability partners and one or more general partners. »Ê¹ÚÌåÓýapp general partners are almost always companies with limited liability (‘Aksjeselskabâ€� (A/S)) so that effectively they are also limited liability partners. »Ê¹ÚÌåÓýapp powers of general partners are defined in the partnership agreement and usually include authority to enter into contracts on behalf of the partnership.
»Ê¹ÚÌåÓýapp partnership members are invariably residents of Norway. »Ê¹ÚÌåÓýapp methodology described at DT1726 is used to arrive at the amount of profits chargeable to UK tax.