|  |  |  |  | |  | for Limited Liability PartnershipsA Limited Liability Partnership is an alternative corporate vehicle, which provides the benefit of limited liability for its members. But, as an LLP is a separate legal entity, it is liable for the full extent of its asset.
LLPs outwardly resemble companies and the provisions of company and insolvency legislation usually apply to them and their members. The exposure to liabilities which are very similar to those faced by company directors means that LLP’s, therefore, need specific insurances to protect them and their members.
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