Do LLPs have guarantors?

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Would like to know if LLPs have guarantors, if anyone can enlighten me. I know they are useful for companies (at least non-profits) if they fall into debt, so I would like one for my LLP if at all possible. Thank you for your guidance, whoever comes to my aid.

Answers

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LLPs do not have ‘guarantors’ like you find in companies limited by guarantee. Instead, the LLP partners, of which there must be at least two, invest money in the business and/or agree between themselves to each pay a sum of money toward the LLP’s debts if it is wound up.

This is the limit of their personal liability, unless they are found guilty of wrongful trading.

a year ago
 

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