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(1)There shall be a new form of legal entity to be known as a limited liability partnership.
(2)A limited liability partnership is a body corporate (with legal personality separate from that of its members) which is formed by being incorporated under this Act; and—
(a)in the following provisions of this Act (except in the phrase “oversea limited liability partnership”), and
(b)in any other enactment (except where provision is made to the contrary or the context otherwise requires),
references to a limited liability partnership are to such a body corporate.
(3)A limited liability partnership has unlimited capacity.
(4)The members of a limited liability partnership have such liability to contribute to its assets in the event of its being wound up as is provided for by virtue of this Act.
(5)Accordingly, except as far as otherwise provided by this Act or any other enactment, the law relating to partnerships does not apply to a limited liability partnership.
(6)The Schedule (which makes provision about the names and registered offices of limited liability partnerships) has effect.
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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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