LLPs prepare to take off as Act comes into force

The wait for limited liability ends this week when the Limited Liability Partnership Act 2000 comes into force.Law Society President Michael Napier hailed limited liability partnerships (LLPs) as a new flexible format in which to practice and one that is more relevant to the modern professional world.LLPs will have a separate legal identity from their members, and will therefore be able to bear liabilities which under a traditional partnership falls to the individual partners.LLPs may also own property, take legal action and be sued.While several large commercial law firms such as Wragge & Co in Birmingham have indicated enthusiasm to become LLPs, Mr Napier said he was pleased that LLP status is available to all partnerships, whatever their size and business.The Society has produced an information pack for solicitors on LLPs (tel: 0870 6062577).City firm Fox Williams has launched a free Web site to help firms decide whether to convert.LINKS: www.llplaw.co.ukJeremy Fleming