The Limited Liability Partnerships Act (Northern Ireland) 2002 is an

Act of the Northern Ireland Assembly This is list of Acts of the Northern Ireland Assembly from its establishment in 1999 up until the present. * ''No Acts of the Northern Ireland Assembly were passed in 1999.'' * List of Acts of the Northern Ireland Assembly from 2000 * List of ...

which introduced the concept of the

limited liability partnership A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. It therefore can exhibit elements of partnerships and corporations. In an LLP, each partner is not ...

into Northern Irish law, passed two years after the

Limited Liability Partnerships Act 2000 The Limited Liability Partnerships Act 2000 (c.12) is an Act of the Parliament of the United Kingdom which introduced the concept of the limited liability partnership into English and Scots law. It created an LLP as a body with legal personality ...

introduced the concept into the law of

England and Wales England and Wales () is one of the three legal jurisdictions of the United Kingdom. It covers the constituent countries England and Wales and was formed by the Laws in Wales Acts 1535 and 1542. The substantive law of the jurisdiction is Eng ...

and Scots law. It created an LLP as a body with

legal personality Legal capacity is a quality denoting either the legal aptitude of a person to have rights and liabilities (in this sense also called transaction capacity), or altogether the personhood itself in regard to an entity other than a natural person ...

separate from its members (unlike a normal partnership) which is governed under a hybrid system of law partially from company law and partially from partnership law. Unlike normal partnerships the liability of members of LLP on winding up is limited to the amount of capital they contributed to the LLP. Currently, despite the passing of the

Companies Act 2006 The Companies Act 2006 (c 46) is an Act of the Parliament of the United Kingdom which forms the primary source of UK company law. The Act was brought into force in stages, with the final provision being commenced on 1 October 2009. It largely ...

and its gradual entry into force, the new law does not apply to LLP's. The commencement orders for the Companies Act 2006 have so far included saving provisions for the provisions of the

Companies (Northern Ireland) Order 1986 A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared go ...

to remain in force as applied to LLP's.

External links

* 2002 in Northern Ireland Acts of the Northern Ireland Assembly 2002 in British law {{UK-statute-stub