Sign-in Help
Commentary

14.2 Limited liability

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

14.2 Limited liability

| Commentary

14.2 Limited liability

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,

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial
EXISTING USER? SIGN IN TAKE A FREE TRIAL TAKE A FREE TRIAL
Stop drafting from scratch and work more productively.
Offering an unrivalled collection of non-litigation precedents for everything specialist and generalist practitioners are likely to encounter.
TAKE A FREE TRIAL Take a free trial Take a free trial