Limited Liability Partnerships - Key features

An LLP has the following key features:

Initially aimed at professional partnerships, such as accountants, architects and solicitors, an LLP will give many businesses another choice as to how they wish to operate. The more traditional form of partnership is arguably now inappropriate for many partnerships operating today. A significant rise in the incidence of litigation with the size of claims being awarded increasing beyond available Professional Indemnity Insurance cover together with a growth in the size of partnerships has caused increasing concern for both large and smaller partnerships alike.

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