The Law of Limited Liability Partnerships, 3rd Edition

• The new edition incorporates the changes coming into effect in October 2009 with the application to LLPs of the Companies Act 2006.
• Important new material on the rights and obligations of individual members (including duties of good faith), on decision-making by the members, and on remedies for breach of the LLP agreement.

Three new chapters

• Discussing the core matters to be considered when preparing the LLP agreement
• On financial services regulation and LLPs, discussing 'regulated activities' and obtaining authorisation to carry them out, and containing a valuable analysis of collective investment schemes
• Giving an outline of LLP legislation in other jurisdictions

This is the indispensable book for legal practioners and other professionals advising on the incorporation of an LLP, and on any of the legal or taxation aspects of carrying on a business through the medium of an LLP.

Written by two experienced barristers from Serle Court, The Law of Limited Liability Partnerships is separated into thirty-five chapters and two appendices. The chapters include: incorporation; formalities and requirements after incorporation; conversion from a partnership; duties and responsibilities of members; members and the outside world; insolvency and winding up of LLPs; unfair prejudice and just and equitable winding up; and disqualification. The appendices are purely statutory provisions: the Limited Liability Partnerships Act 2000 and the Limited Liability Partnerships Regulations 2001.

For this third edition of The Law of Limited Liability Partnerships there are three excellent new chapters: contents of a LLP agreement; financial services regulation and LLPs; and LLPs in other jurisdictions. The written style is, like previous editions, both practical and accessible. The material is also written in plain English making it ideal for both experienced and inexperienced practitioners. My only minor grumble is the lack of precedents: the chapter explaining the content of a LLP agreement would have been better explained by reference to a precedent agreement in the appendix. Perhaps the authors will consider including such an agreement in future editions.

For any practitioners dealing with LLPs, from the incorporation of one, to running it and to its dissolution, The Law of Limited Liability Partnerships is an indispensable and practical guide to the law. It seamlessly incorporates the numerous changes since the second edition was published in 2004. It also makes excellent use of footnotes; allowing the text to remain concise whilst, at the same time, giving the reader an excellent starting point for further research. Its price, at around £135, also makes it excellent value for money. It is a text which should remain close to hand for many practitioners.