LLP: An alternative business structure to partnership or company Prior to the Limited Liability Partnership (LLP) Act 2012, entrepreneurs can either become sole traders, or form a partnership or set up a company. The LLP Act 2012 introduces an…
Category: LIMITED LIABILITY PARTNERSHIP
Liability of Partners When Limited Liability Partnership Becomes Insolvent
In the event an LLP becomes insolvent, a partner’s liability should be limited to the amount of his capital contribution to the LLP subsisting at the time. However, if the partner (or a former partner) in the course of distribution knows…
Limited Liability Partnership Act 2012 And Legal Liability Of The Partners
Whilst LLP is a familiar feature in the UK, it was in December 2003 that SSM issued its initial Consultative Document (CD) proposing the introduction of the LLP as an alternative form of business vehicle for small businesses, start-ups and…
Legal Concepts Of Limited Liability Partnership (LLP)
A limited liability partnership can be incorporated in order to run a business that comprises of two or more partners. It is a type of partnership whereby certain or all partners have limited liabilities. It is different from a…