Limited Liability Partnerships Act (Northern Ireland) 2002
Encyclopedia
The Limited Liability Partnerships Act (Northern Ireland) 2002 is an Act of the Northern Ireland Assembly which introduced the concept of the limited liability partnership
into Northern Irish law, passed two years after the Limited Liability Partnerships Act 2000
introduced the concept into the law of England and Wales
and Scots law
.
It created an LLP as a body with legal personality separate from its members (unlike a normal partnership) which is governed under a hybrid system of law partially from company law and partially from partnership law. Unlike normal partnerships the liability of members of LLP on winding up is limited to the amount of capital they contributed to the LLP.
Currently, despite the passing of the Companies Act 2006
and its gradual entry into force, the new law does not apply to LLP's. The commencement orders for the Companies Act 2006 have so far included saving provisions for the provisions of the Companies (Northern Ireland) Order 1986 to remain in force as applied to LLP's.
Limited liability partnership
A limited liability partnership is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP one partner is not responsible or liable for another partner's misconduct or negligence. This is an important...
into Northern Irish law, passed two years after the Limited Liability Partnerships Act 2000
Limited Liability Partnerships Act 2000
The Limited Liability Partnerships Act 2000 is an Act of the Parliament of the United Kingdom which introduced the concept of the limited liability partnership into English and Scots law...
introduced the concept into the law of England and Wales
England and Wales
England and Wales is a jurisdiction within the United Kingdom. It consists of England and Wales, two of the four countries of the United Kingdom...
and Scots law
Scots law
Scots law is the legal system of Scotland. It is considered a hybrid or mixed legal system as it traces its roots to a number of different historical sources. With English law and Northern Irish law it forms the legal system of the United Kingdom; it shares with the two other systems some...
.
It created an LLP as a body with legal personality separate from its members (unlike a normal partnership) which is governed under a hybrid system of law partially from company law and partially from partnership law. Unlike normal partnerships the liability of members of LLP on winding up is limited to the amount of capital they contributed to the LLP.
Currently, despite the passing of the Companies Act 2006
Companies Act 2006
The Companies Act 2006 is an Act of the Parliament of the United Kingdom which forms the primary source of UK company law. It had the distinction of being the longest in British Parliamentary history: with 1,300 sections and covering nearly 700 pages, and containing 16 schedules but it has since...
and its gradual entry into force, the new law does not apply to LLP's. The commencement orders for the Companies Act 2006 have so far included saving provisions for the provisions of the Companies (Northern Ireland) Order 1986 to remain in force as applied to LLP's.