Why do LLPs have partners?

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I’ve been doing some research on LLPs, and I’m wondering how important partners are to the whole structure. Is there any particular reason LLPs need to have partners? What is their primary purpose?

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LLP partners are the people who jointly set up and run the business as a partnership. They are officially known as LLP ‘members’. Without them, there can be no partnership but they can employ other people to also work for the firm.

The members of an LLP are all equally responsible for investing money in the business and contributing to its success. Thier personal liability for debts, however, is limited to what they invest in the LLP or agree to contribute if the business faces financial difficulty.

You can find out more about LLPs here.

2 years ago
 

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