LLP agreement questionnaire

One of the advantages of a limited liability partnership (LLP) is that the LLP is a corporate business vehicle with a legal personality separate from that of its members, who have a limited liability only. An LLP can do anything that a natural person can do, including hold property, enter into contracts, sue and be sued. An LLP may issue debentures and give fixed and floating charges over its assets in the same way as a company. The LLP owns the assets of the business and is liable for its own debts; the members act as its agents and only have liability up to the amount they have contributed to the LLP (subject to any regulatory requirements). As a separate legal entity, changes in the membership of the LLP do not therefore affect its continued existence.