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In the past, virtually all business entities were in the forms of either that of a sole proprietor, a general partnership or that of a limited liability company. However,
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In the past, virtually all business entities were in the forms of either that of a sole proprietor, a general partnership or that of a limited liability company. However, April 6 2001 saw the advent of a new form of business organization, that of the Limited Liability Partnership (LLP). As its name may suggest, it possesses several characteristics of a general partnership, with the added bonus of limited liability. Nevertheless, it has its own distinct features, features that we will look into below. In addition, we will look into the emergence of this new business entity; we will look into its raison d'etre. The Limited Liability Partnership Act 2000 sets out the key features of the LLP business entity. Section 1(2) of the act states that a limited liability partnership is a separate corporate body with a legal personality separate to that of its members. This means that an LLP can...
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