A draft of the long-awaited Bill was published in July 1999. The LLP will be a form of business organisation which would give limited liability, but at the same time have the organisational flexiliblilty of a partnership.
Internal agreement between the members would remain confidential, and they would be available to two or more persons.
Accountants have been campaigning for such a Bill for many years. It will also help lawyers and actuaries.The legislation would provide for such LLPs to be taxed as partnerships.
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