Limited liability partnerships

(1) A limited liability partnership shall only have the benefit of this Act if and for so long as it is registered in accordance with this Act. 11 (2) A limited liability partnership may be registered where persons who wish a business to be carried on with a view of profit have agreed, with or without other terms– (a) that the business shall be carried on, following the registration date, in the form of a limited (b) that they shall each contribute effort and skill to the business as an agent of the limited liability partnership but not of each other, in accordance with section 16; and (c) that the profit of the business shall be divided between them and that they shall each have an interest in the limited liability partnership property to the extent described in sub-section (6). (3) Registration of a limited liability partnership shall take effect upon its registration date, and shall cease to have effect upon cancellation of its registration pursuant to section 31. (4) Except as provided in section 26 (4), a limited liability partnership is a legal person (other than a body corporate) distinct from the partners of whom it is for the time being composed and accordingly, but without limitation– (a) any contract which binds the limited liability partnership is made only with the legal person; and (b) any change in the limited liability partnership brought about by the admission, retirement or death of a partner, or by a partner other than an individual, ceasing to exist, shall not affect the existence, rights or liabilities of that legal person. 12 (5) Sub-section (4)(b), shall not be construed as limiting the circumstances in which a limited liability partnership is or may be dissolved, whether in accordance with the partnership agreement or otherwise. (6) Notwithstanding sub-section (4), each partner in a limited liability partnership has, subject to this Act and to the partnership agreement, an interest in the profits of the limited liability partnership and, in accordance with section 29, in the (7) Any number of persons may be partners in a limited (8) Any person may be a partner in a limited liability