Introductory
1 Limited liability partnerships.
1
There shall be a new form of legal entity to be known as a limited liability partnership.
2
A limited liability partnership is a body corporate (with legal personality separate from that of its members) which is formed by being incorporated under this Act; and—
a
in the following provisions of this Act (except in the phrase “oversea limited liability partnership”), and
b
in any other enactment (except where provision is made to the contrary or the context otherwise requires),
references to a limited liability partnership are to such a body corporate.
3
A limited liability partnership has unlimited capacity.
4
The members of a limited liability partnership have such liability to contribute to its assets in the event of its being wound up as is provided for by virtue of this Act.
5
Accordingly, except as far as otherwise provided by this Act or any other enactment, the law relating to partnerships does not apply to a limited liability partnership.
6
The Schedule (which makes provision about the names and registered offices of limited liability partnerships) has effect.