The Limited Liability Partnership (“LLP”) was created by an Act of Parliament in 2000. Traditionally, partnerships in UK meant either all partners were jointly and severally liable for debts or were limited where at least one partner was unlimited but the other partners had limited liability.
A UK LLP must be a commercial venture operating for profit and is formed when two or more legal persons (i.e. individuals or companies) enter into an agreement and make the necessary filings. Advantages include: