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COMPANY LAW AND THE RIGHTS OF SHAREHOLDERS
February 28, 2018
Limited Liability Partnerships (“LLPs”) were introduced in 2000 in the expectation that there would be great commercial demand for them. This has turned out not to be the case. In practice, LLPs are found mostly in the accounting profession, though some solicitors’ firms have adopted the LLP status. Explain the differences between partnerships and LLPs while considering the advantages, if any, that LLPs may have over other forms of business vehicle. Finally, consider why the demand for them has not been as great as anticipated and the extent to which LLPs are in fact necessary.
To what extent is the rule contained in the Salomon v. Salomon & Co. Ltd judgement open to abuse?