Commentary

88 Similarities between a limited liability partnership membership agreement and a general partnership agreement

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

88 Similarities between a limited liability partnership membership agreement and a general partnership agreement

| Commentary

3: LIMITED LIABILITY PARTNERSHIPS

88 Similarities between a limited liability partnership membership agreement and a general partnership agreement

There will be a great deal of similarity between many of the terms in a limited liability partnership (LLP) membership agreement and those of a general partnership. This is because, whereas the provisions of the default code contained in the Partnership Act 1890 are specifically disapplied in the case of an LLP1, many of those provisions are replicated in the same or similar terms in the statutory provisions governing LLPs.

Some of these default provisions are contained in the Limited Liability Partnerships Act 2000.

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