Any change in any of the above particulars during the

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Any change in any of the above particulars during the continuance of the partnership must be communicated to the registrar (using form LP 6) – s. 9. For more information about limited partnerships, visit: - limited-partnership . 18.5 LIMITED LIABILITY PARTNERSHIPS The complexities and size of some partnership businesses, the need to offer more protection to certain professional people, and the need to encourage growth and longevity, make the general partnership unsuitable for some. The Limited Liability Partnerships Act 2000 created limited liability partnerships to address these types of situation. S. 1 of the Act describes this type of partnership as an incorporated business with a separate legal personality and unlimited liability. The general law relating to partnerships do not apply to LLP, except as otherwise provided for in the Act or any other enactment. The extent of the liability of partners to contribute to the firm’s assets is as provided under the Act. The limited liability partnership is a hybrid business format combining a corporate structure with the internal workings and relationships of a general partnership. The name of the firm must end with “Limited Liability Partnership” or “LLP”, as in “Jonson and Smith LLP”. Download free eBooks at bookboon.com
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BUSINESS ORGANISATIONS AND AGENCY PARTNERSHIPS 352 18.5.1 FORMATION OF LIMITED LIABILITY PARTNERSHIPS Limited liability partnerships are formed only when they are incorporated by the Registrar of Companies. In order for incorporation to take place, two or more persons must associate for the purpose of carrying on a lawful business with a view to making profit and must subscribe to an application for registration, which must be delivered to the Registrar of Companies – s. 2(1). The application for incorporation must contain the following information: • The name of the limited liability partnership; • Whether the registered office of the partnership is to be situated in England and Wales, in Wales or in Scotland; • The address of that registered office; • The designated members or partners; and • The name and address of the members or partners. The LLP, as earlier noted, comes into existence when the registrar of companies registers the partnership and issues a certificate of incorporation to that effect – s. 3. Download free eBooks at bookboon.com Click on the ad to read more Maersk.com/Mitas �e Graduate Programme for Engineers and Geoscientists Month 16 I was a construction supervisor in the North Sea advising and helping foremen solve problems I was a he s Real work International opportunities �ree work placements al Internationa or �ree wo I wanted real responsibili� I joined MITAS because
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BUSINESS ORGANISATIONS AND AGENCY 353 PARTNERSHIPS 18.5.2 MEMBERS OF THE PARTNERSHIP The members of a LLP are those who subscribed to the incorporation document and other persons who may subsequently be admitted into the business by them. A person may cease
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