... sued. These are characteristics similar to that of a limited liability company, and most importantly, like the limited liability company, members of an LLP have limited personal liability with regards to the liabilities of the LLP. In the case of an LLP being wound up, its assets and funds will be used to repay its creditors. Furthermore, because an LLP does not have any share capital, on the advent of insolvent liquidation, the liquidator will be able to examine all withdrawals from the LLP's funds and pursue such funds through a court of law1. The LLP does not have share capital. Hence the LLP is not bound by the rules on capital management2 as a limited liability company is3. The LLP's tax treatment is similar to that of a general partnership rather than that of a limited liability company. It does not have to pay corporate tax on its profits. Rather, ...

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