14.2 Limited liabilityThe use of a limited liability company or a limited liability partnership (LLP), as the name suggests, provides the proprietor or proprietors of a new business with the opportunity to take advantage of limited liability.This is because the company once incorporated, or the LLP once registered, is a separate legal entity with an existence independent of its proprietors and it is therefore the company or the LLP which owns the property of the business and contracts with suppliers, customers and staff. Consequently, it is the company or the LLP which is primarily responsible for any business losses,
The use of a limited liability company or a limited liability partnership (LLP), as the name suggests, provides the proprietor or proprietors of a new business with the opportunity to take advantage of limited liability.
This is because the company once incorporated, or the LLP once registered, is a separate legal entity with an existence independent of its proprietors and it is therefore the company or the LLP which owns the property of the business and contracts with suppliers, customers and staff. Consequently, it is the company or the LLP which is primarily responsible for any business losses,
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
0330 161 1234