... have a form of limited liability, similar to that of the shareholders of a corporation. However, the partners have the right to manage the business directly, and (in many areas) a different level of tax liability than in a corporation Ascertaining Government's reasons of rejecting LLP In considering whether LLP should be introduced in Hong Kong, the Government has reiterated "succinctly" its position: All arguments put forward have been fully deliberated, but no. With no elaboration, the only expressly made basis of the rejection is that the LLP introduction will "upset the balance of the present liability regime"1 and "shift liability from the professional service providers to the consumers"2. In striking the balance consumer protection and liability regime limitation of professionals, Government is particularly worried about the potential impact of LLP on the interest of the general public, clients, and business sectors lying outside the shadow of LLP. In the UK, LLPs ...

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