FEBRUARY 2013

CHAPTER 53A LIMITED LIABILITY PARTNERSHIPS

INTRODUCTION

53A.1 Introduction

This chapter provides guidance on dealing with Limited Liability Partnerships (generally abbreviated to LLPs). An LLP is a special type of partnership and the chapter provides information and advice on the creation and management of an LLP, the statutory requirements of the partners and how to deal with the liquidation of an LLP. Whilst in many ways an LLP is similar to a limited company (particularly in relation to insolvency proceedings) there are differences which will be highlighted in the chapter. Where the chapter is silent on any matter relating to LLPs it can be taken that the current advice in relation to limited companies may be followed.

The chapter is divided into 5 parts:

Part 1 – History and legislation relating to LLPs (paragraphs 53A.2 to 53A.12)

Part 2 – Incorporation of an LLP (paragraphs 53A.13 to 53A.32)

Part 3 – LLP membership – duties and responsibilities (paragraphs 53A.33 to 53A.52)

Part 4 – LLPs - accounts, annual returns and charges (paragraphs 53A.53 to 53A.83)

Part 5 – LLPs - compulsory insolvency proceedings LLP (paragraphs 53A.84 to 53A.107)

[on to Part 1 – History and legislation relating to LLPs]