In this type of partnership one partner has unlimited liability while the other partners have limited liability to the extent of the capital contributed by them.Registration of this type of partnership is compulsory.The continuity of the business is not affected by the death, insanity, retirement or insolvency of the limited liability partners.
\tThey are a separate legal entity from their Members.\tThey have the benefit of limited liability for their Members.\tThey are taxed as a partnership.\tThey have the organisational flexibility of a partnership.\tAny agreement (“LLP agreement”) between the Members governing the operation of the LLP is a private document which is confidential to the Members.\tThey must have at least two “designated” Members.\tTheir “trading disclosure” requirements are similar to those of a company.\tThey must be registered at Companies House.\tTheir accounting and filing requirements are similar to those of a company.\tThey have the ability to create floating charges.\xa0
This kind of partnership is based upon liability in limited liability partnership the liability of the at least one member is unlimited and the others rest members have their limited liability