| Commentary

61 Types of regulatory agreement

| Commentary

D: REGULATORY DOCUMENTATION

1: INTRODUCTION TO REGULATORY DOCUMENTATION

61 Types of regulatory agreement

In the absence of any agreement between the members of a limited liability partnership (LLP), the mutual rights and duties of the members of an LLP together with the mutual rights and duties of an LLP and its members1 will be governed by default provisions contained in regulations made under the Limited Liability Partnerships Act 20002. A similar regime applies to a general partnership, where the default rules are contained in the Partnership Act 1890. In either case, the default provisions tend to be quite brief and to make

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