The members of a limited liability partnership have such liability to contribute to its assets in the event of its being wound up as is provided for by virtue of this Act.
Accordingly, except as far as otherwise provided by this Act or any other enactment, the law relating to partnerships does not apply to a limited liability partnership. The Schedule (which makes provision about the names and registered offices of limited liability partnerships) has effect (http://www.opsi.gov.uk/acts/acts2000).
purpose of this is to introduce a new form of legal entity known as Limited Liability Partnership (LLP). This will help resolve the difficulties arising in the traditional partnerships for larger professional practices. The LLP is not limited to large companies. The professionals who are usually involved in this partnership are the law firms or accountancy that can have partners' world wide. LLP is an alternative business vehicle that gives the benefits of limited liability but the members can have the flexibility in forming the internal structure as a traditional partnership. It composes of both the corporate and partnership characteristics.
The LLP has its own benefits that make the partnership more interesting. ...Show more