Define Limited Liability?
It means when a partner of an organization doesn’t take on any of its debts and only loses whatever he/she invests. That means, in other words, it means that its a state in which the members or the shareholders are responsible for the debts of the company only to the extent in respect to the nominal value of their shares.
How are the LLPs Governed?
The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the members will be limited.
How are LLPs governed?
It is governed by the Limited Liability Partnerships Act 2000 in England,Wales and Scotland and the Limited Liability Partnerships Act 2002 in Northern Ireland.
What are the Legal requirements of LLP?
Must have at least two member of shareholders who will be responsible for the affairs of the LLP.
It has common law which takes one day to establish the company.
Who is responsible for the company?
Members of the LLPs are responsible on whatever the works is been carried out.