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Describe the Limited Liability Partnership and explain the emergence of this new legal form in the first few years of the 21st Century.
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Describe the Limited Liability Partnership and explain the emergence of this new legal form in the first few years of the 21st Century. After 4 years of consultation by the Department of Trade and Industry with academics, partnerships and professional partnerships, the Limited Liability Partnership Act 2000 finally received Royal Assent in July 2000. The Chancellor of the Exchequer announced in his pre-budget report on the 8th November 2000 that it would commence from April 6th 2001.1The LLP has been described as the '1st major addition to the range of business entities available in UK law since the Joint Stock Companies Act in 1855.'2 The Act was introduced mainly in response to auditors who claimed that operating as a partnership unfairly discriminated against them due to the doctrines of joint/several liability and unlimited liability. Under joint/several liability3, the negligence of one partner will mean that all partners are liable. As s10...
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