Legal Question in Business Law in United Kingdom

Re: partnership

The limited liability partnership (�LLP�) is a new form of legal entity which was introduced by the Limited Liability Partnerships Act 2000 (�LLPA 2000�), which came into effect on 6 October 2001. LLPs may be formed by any �two or more persons associated for carrying on a lawful business with a view to profit� (LLPA 2000, s 2(1)) by making the necessary application to the Registrar of Companies. The LLP is directed at the professions and in particular at accountants and solicitors. It embodies a �legal personality separate from its members� (LLPA 2000, s 1(2)) together with �unlimited capacity� and yet at the same time whilst �the law relating to partnerships does not apply to a limited liability partnership� (LLPA 2000, s 1(5)) it does have certain characteristics of a partnership (for example, taxation, the privacy of its internal arrangements and flexibility as to capital