2.3 - Limited Liability Partnerships Flashcards
(7 cards)
1
Q
Who are particularly drawn to limited liability partnerships?
A
Accountants and solicitors
2
Q
What can an LLP do?
A
All things a natural individual or company can do e.g enter into contracts, hold property in its own name
3
Q
How is an LLP different regarding membership?
A
If you have people come and go as a membership of it, it doesn’t end
4
Q
What is a con of an LLP?
A
More red tape (excessive formalities) than you have with a basic partnership
5
Q
What are the persons involved in an LLP called?
A
Members, rather than partners
6
Q
When did the Act come into force?
A
April 2001
7
Q
What is liability like in an LLP?
A
The LLP itself is liable up to the extent of its assets, but the liability of each of its members is limited
