The SCSp is deprived from legal personality. The GPs’ liability is indefinite, joint and several while the LP’s liability is limited to their contribution under certain conditions. The SCS/SCSp may be unregulated, or regulated, and as such be governed by the regulations applicable to the SIF or SICAR law (if the SIF or SICAR are structured under an SCSp). A SICAR or SIF established under the form of an SCSp is regulated and supervised by the CSSF.
The Luxembourg tax authorities confirmed the treatment of SCS/SCSp in a Circular L.I.R. n°14/4 dated January 9th 2015:
Both the SCS and SCSp enjoy a full tax transparency and tax neutrality.
The SCS/SCSp is exempt from corporate income tax, as well as net wealth tax.
The profits of an SCS/SCSp are exempt from municipal business tax under certain conditions. The unregulated SCSp does not need to prepare annual accounts.