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Essay / Research Paper Abstract
This 8 page paper looks at the concept and reality of Limited Liability Partnerships (LLP’s) under the limited Liability Partnership Act 2000. The paper outlines the background to LLP’s what they are, the way they are set up and how they compare with both company and partnership law. The paper is written with reference to English law. The bibliography cites 16 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TELLPart.rtf
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Unformatted sample text from the term paper:
first proposed by the DTI in 1996 (Henning, 2000). The concept of the Limited Liability Partnership began in 1991 in Texas, US (Henning, 2000). The inspiration was the litigation that
followed the failure of savings and loan companies and actions that were taken against the companies accountants (Henning, 2000). The development of LLPs has since spread to many other US
states (Fay, 1996), and has recently been enacted in the UK under the limited Liability Partnership Act 2000 (the Act) (DIT, 2003). The intention for an LLP is that it
will be a cross between company and partnership law, creating a partnership that will be a legal entity within itself, able to hold and own property and enter into contracts
(Grey, 1997). The pressure and drive for the development of LLP status with the UK was driven by the large professional firms, such as the accountancy firms that understood the
potential liability under the existing partnership laws in the face of any litigation (Finch and Freedman, 2002, The Law Commission). Indeed, Ernst and Young L.L.P., the well-known accountancy firm were
the first LLP in the UK (International Accounting Bulletin, 2001). Other large and small firms have followed this including the UK arm of PricewaterhouseCoopers (PwC) (The Accountant, 2003). The main
difference for the partners is the reduced and limited liability. Unlike a traditional partnership there is not a joint and several liability for nay and all loss and damage incurred
within the partnership, even if incurred by a partner and not the self (Howell, 2001). The LLP is more similar to a limited Company as it is a separate legal
entity with its own identity (Howell, 2002). However, it is taxed as a partnership in order to make sure that when a decision is made by a partnership that the
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