← Lessons 02-Business and Company Law
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Law of Contract Sole Traders Partnerships Limited Liability Partnerships — LLP Limited Companies Public Limited Company — PLC Private Limited Company Company Formation & Registration Certificate of Incorporation Private Company → Public Company Company Registers Company Accounts Share Capital Directors Company Secretary Auditors Annual General Meetings — AGM Proxies Company Reports People with Significant Control — PSC Winding Up / Liquidation Liquidator's Duties Bankruptcy ⭐ Key Exam Numbers to Remember

Limited Liability Partnerships — LLP

  1. Created under the Limited Liability Partnerships Act.
  2. Gives members the benefit of limited liability.
  3. Similar in some respects to a limited company.
  4. Participants are called members, not partners.
  5. The LLP can continue despite changes in membership.
  6. Detailed annual accounts must be submitted to the Registrar of Companies.
  7. Must use the initials LLP to identify its status.
  8. The notes highlight LLPs as an alternative adopted by many professional businesses to limit liability.