The Limited Liability Partnerships Act 2000 came into force on 6th April 2001

The idea is that an LLP should provide many of the benefits of limited liability, as for a company, but allow its members the flexibility of organising their internal structure as a traditional partnership. The LLP is a legal entity separate from its members, but, unlike an incorporated company, does not have shares or shareholders and is not subject to the same provisions as an incorporated company concerning the relationship between it, its shareholders and its directors.

The Limited Liability Partnerships Regulations 2001, SI 2001/1090 flesh out details of how the Act operate in practice. In particular they provide for reference to a company in legislation generally to include references to a limited liability partnership and references to a director or officer to include a reference to a member of an LLP. This includes extension of the race and sex discrimination legislation to partnerships (see SDA 1975 s.11(6) and RRA 1976 s.10(5)).

Subscribe To Site:

Full Post Feed | Summary Feed | Comments Feed