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Explain the differences between partnerships and Limited Liability Partnerships (LLPs) while considering the advantages, if any, that LLPs may have over other forms of business vehicle.
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Business Law LW22012 Coursework 1 Task: Limited Liability Partnerships ("LLPs") were introduced in 2000 in the expectation that there would be great commercial demand for them. This has turned out not to be the case. In practice, LLPs are found mostly in the accounting profession, though some solicitors' firms have adopted the LLP status. Explain the differences between partnerships and LLPs while considering the advantages, if any, that LLPs may have over other forms of business vehicle. Finally, consider why the demand for them has not been as great as anticipated and the extent to which LLPs are in fact necessary. Introduction The Limited Liability Partnerships Act 2000 received Royal Assent on 20th July 2000, and came into influential existence on the fourth month of 20011. The 2000 Act created Limited Liability Partnerships as a new legal business entity and set the stage for it to develop to a well established business vehicle, that...
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