The Limited Liability Partnerships Act 2000

The Limited Liability Partnerships Act 2000 established a new type of business structure in the UK called a Limited Liability Partnership (LLP). It allows two or more individuals to run a business while benefiting from limited liability, meaning their personal assets are protected from the business's debts. LLPs combine elements of partnerships and corporations, offering flexibility in management and tax benefits. This structure is popular among professionals such as lawyers and accountants, as it provides a balance between personal liability protection and the collaborative nature of traditional partnerships.