Exam Ready Notes for CORE Module ‘Business Law’!
Workshop 16 Notes of the Business Module on the Legal Practice Course (LPC) at the University of Law.
These notes were used for the June 2023 exams, where I achieved a Distinction!
Thank you for your review! I hope you find the Business notes helpful! All the best in your exams. Please feel free to return back for more LPC notes! Especially for your electives!
Seller
Follow
lpcnotes2024
Reviews received
Content preview
BLP WS16
Incorporation
Limited Liability Partnerships
Limited Liability Partnerships (LLPs) are essentially a hybrid between a partnership, and a company.
Legislation v Limited Liability Partnerships Act 2000 (LLPA 2000)
v Limited Liability Regulations 2001 (LLP Regs 2001)
Creation ® Formalities - Created by registration at Companies House.
Þ Must send two forms to Companies House:
ü An “incorporation document” which contains:
• Name of the LLP
• Address of the registered office.
• Name and address of each member.
• Identities of designated members.
ü An “incorporation form”
• Confirms that the obligation under s2(1)(a) that two or more partners have
subscribed their names to the incorporation document have been complied with.
Þ Companies House issue a certificate of registration.
Designated ® By s2(1)(a) and s8(2) LLPA 2000 an LLP must have at least two “designated members”.
members Designated members are members with specific responsibilities under the LLPA 2000, the CA 2006 and
the IA 1986.
They must:
Þ Sign and file annual accounts with the Registrar (CA 2006, s444(6))
Þ Send notices to the Registrar e.g. a member leaving or joining (LLPA 2000, s9(1))
Þ Apply for a change of name of the LLP (LLPA 2000, Sch 1 para 5(2)(b))
Þ Apply to strike off the LLP from the register (CA 2006 s1003) and wind up the LLP (IA 1986,
s89(1))
Key ® Separate Legal Personality
characteristics Þ Unlike partnerships, LLP’s have their own legal personality, meaning the LLP itself can sue, be
sued etc.
Þ This means that the LLP will not cease to exist if members leave so that there are less than two,
it will continue to exist until it is dissolved.
1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lpcnotes2024. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $21.36. You're not tied to anything after your purchase.
