A Limited Liability Partnership (LLP) is an alternative corporate business structure that has the benefit of limited liability for its members, like a limited company, and is a separate legal entity in its own right, meaning that it can contract and own assets etc. on its own behalf. At the same time, however, it also allows its members the flexibility to organise their internal structure to resemble a traditional partnership. It therefore has both corporate and partnership characteristics.
Regardless of its name, an LLP is not a partnership and partnership law does not generally apply to it. LLPs are broadly governed by the Limited Liability Partnership Act 2000 (as amended by various regulations), the Companies Act 2006 and the Insolvency Act 1986.
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A Limited Liability Partnership is commonly used by industry professionals who normally work in partnerships, such as solicitors, architects and accountants, but who wish to protect their personal finances by way of limited liability.
A Limited Liability Partnership must have at least 2 members, i.e. partners, in order to be registered with Companies House. There is no upper limit to the number of members that an LLP may have.
At least two of the partners, however, must be “designated members”. These designated members have the same rights within the LLP and duties to it as any other member, although the law does also place extra responsibilities upon them. In particular, designated members are responsible for:
It is up to the members of the LLP to decide who should be appointed as designated members.
Unlike limited companies LLPs do not have a memorandum or articles of association. Although having a written Partnership Agreement is not a legal requirement, it is essential if the LLP members want to contribute capital and/or share business profits in any way other than equally. This can also help to avoid any disputes over partners' rights.
LLPs do not need to provide a copy of their Limited Liability Partnership Agreement to Companies House.
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