The glossary to understand and take action

Special limited partnership (SCSp)

The special limited partnership (SCSp) is a Luxembourg partnership without separate legal personality.

Notion comptable, fiscale ou juridique · Luxembourg Fiduciaries Editorial Team · Reviewed on

Understand the scope

Definition and points to distinguish

It distinguishes between general partners and limited partners, with different roles and liabilities. The tax treatment depends on the applicable analysis; the absence of legal personality does not imply an absence of obligations.

In your file

What this changes in practice

The SCSp is based on a partnership agreement and categories of partners with distinct roles. Its lack of legal personality must be understood without confusing it with an absence of obligations. Governance, representation and commitments depend on the applicable framework and the agreement. Its use in investment does not mean that every SCSp benefits from a single tax or regulatory regime: the activity and organisation must be analysed.

A scenario to help you understand

Educational example

Investors are considering an SCSp. They examine the general partner’s role, the limited partners’ rights and decision-making conditions before comparing this form with a capital company.

Fictitious situation, presented to illustrate the concept.

Prepare for what comes next

Points to check

  • Identifier chaque catégorie d’associés
  • Lire les pouvoirs et engagements contractuels
  • Examiner le statut fiscal et réglementaire du projet

The practical question

Find out more

La SCSp est-elle un régime fiscal en elle-même ?

C’est d’abord une forme juridique dont il faut comprendre les associés, la gouvernance et le contrat social. Son traitement fiscal dépend de sa situation et des règles applicables. Elle ne doit pas être présentée comme une solution universelle d’investissement. Les responsabilités et obligations des associés commandités et commanditaires demandent une lecture attentive avant la constitution.

Connecting concepts

Terms to know as well

Continue with the concepts, contacts and procedures related to this topic.

ShareholderA shareholder holds rights in a company by virtue of their participation in the capital or under the rules of the relevant legal form.Legal formThe legal form defines the legal framework for the activity: organisation, liability and relations between participants.Alternative investment fund manager (AIFM / GFIA)The AIFM, referred to as GFIA in French, manages alternative investment funds in accordance with the framework applicable to it.Reserved alternative investment fund (RAIF / FIAR)The RAIF, or FIAR in French, is a fund governed by a specific Luxembourg regime, with conditions specific to investors and its organisation.Professional of the financial sector (PSF)A professional of the financial sector (PSF) is subject to a regulated status corresponding to a category of activities and the required authorisations.Institut des réviseurs d’entreprises (IRE)The Institut des réviseurs d’entreprises (IRE) is the professional body for statutory auditors in Luxembourg.

Put it into practice

Explore further with our guides

Practical guideInvestment funds: understanding the roles before choosing a service provider

Sources and verification

References consulted on 20 September 2026. Official procedures specify the applicable conditions and exceptions.

This guide explains a general process. The applicable rules depend on your situation; it does not constitute personalised advice. Report a correction.

A definition gives you a reference point. To examine your situation, clarify your question with a professional.