ACCA LW · Chapter 7 · Question 8 of 10
Which of the following is a feature of a limited liability partnership (LLP) formed under the Limited Liability Partnerships Act 2000?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) It is a body corporate with legal personality separate from its members
Explanation
An LLP is a separate legal person, so it owns its property and is liable for its own debts, and its members' liability is generally limited to their agreed contribution. It is formed by registration and must file accounts and an annual confirmation statement. The requirement for a general partner with unlimited liability applies to a limited partnership under the Limited Partnerships Act 1907, not to an LLP.
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