Limited liability partnership: Difference between revisions
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A limited liability partnership shares many of the features of an unlimited partnership - but it also offers reduced personal responsibility to the partners for the business debts of the partnership. | A limited liability partnership shares many of the features of an unlimited partnership - but it also offers reduced personal responsibility to the partners for the business debts of the partnership. | ||
Unlike an unlimited partnership, the LLP itself is responsible for any debts that it runs up, not the individual partners. | Unlike an unlimited partnership, the LLP itself is responsible for any debts that it runs up, not the individual partners. | ||
Revision as of 21:56, 24 June 2021
(LLP).
A limited liability partnership shares many of the features of an unlimited partnership - but it also offers reduced personal responsibility to the partners for the business debts of the partnership.
Unlike an unlimited partnership, the LLP itself is responsible for any debts that it runs up, not the individual partners.
LLPs were first allowed in law in the UK under the Limited Liability Partnerships Act 2000.
