139. Power of limited liability partnerships to mortgage.

(iv)     Limited Liability Partnerships

139.     Power of limited liability partnerships to mortgage.

Two or more persons associated for carrying on a lawful business for profit can incorporate as a limited liability partnership ('LLP')1. An LLP is a body corporate with unlimited capacity and a legal personality separate from its members2. Like a company, an LLP can contract in its own name with third parties and has power to enter mortgages3. The precise extent of an LLP's power to enter mortgages may be defined in the LLP agreement4.