LLPS Flashcards
(21 cards)
Does an LLP have separate legal personality
Yes
Do members of a LLP benefit from limited liability
Yes
Can LLPS contract with others
Yes due to their separate legal personality
Can LLPs grant security over assets
Yes
What security over assets can LLPs grant
Fixed or floating charges
If a partner leaves does it affect the LLP
No changes of membership do not affect it’s existence
What form is needed to register the LLP
IN01
What must the name of the LLP end with
LLP
What is needed for a change of partnership name
Unanimous consent
What must the two members of an LLPs be
Designated members
Can members elect to keep their info at CH
Yes
Where will the LLPs name be entered into
Index of company names register
Where will notice if incorporation be published
London gazette
What happens if the LLP does start within a year
The court could wind up the business
When can members be liable for money owed
If they are fraudulent or are wrongful trading
Must LLPS keep a register of charges at CH
Yes
Where are the default provisions for LLPs found
Limited liability partnership regulations 2001
Main default provisions at the same as what for LLPs
The partnership default provisions
What agreement can LLPs members have
LLP agreement
Does an LLP agreement need to be filed
No
When a new member is approved what is needed
CH notified within 14 days
