Limited liability partnerships (LLP): overview

by Practical Law Corporate

A note that provides an overview of the structure and operation of UK limited liability partnerships (LLPs) incorporated under the Limited Liability Partnerships Act 2000 (LLPA 2000). This note examines the key features of an LLP, including its separate legal personality, the general principle of limited liability for its members, and the LLP's organisational flexibility. The note details the importance of the LLP agreement in defining the relationship between members, and the default provisions that apply in its absence under the Limited Liability Partnerships Regulations 2001 (LLPR 2001). It addresses core operational topics such as the roles of members and designated members, the people with significant control (PSC) regime, and ongoing filing requirements. This note also outlines procedures for LLP insolvency and dissolution, and considers the impact of the Economic Crime and Corporate Transparency Act 2023 (ECCTA), which introduces reforms for LLPs, including identity verification (IDV) for LLP members and removal of the requirement to maintain certain local registers.