Limited Liability Partenership

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Executive Summary

|Anglo-American was the first to establish a system of Limited Liability Partnership. Its purpose was to solve the conflict | |between the continually expanding professional service organizations and unlimited joint liability. In 2006, newly revised the | |"Law of the People’s Republic of China on Enterprise Partnership" referenced this system, referred to as "special general | |partnership". This new organization blocked the unlimited joint liability among partners, partners protected by limited | |liability. Because of an earlier introduction, the limited liability partnership of Anglo-American is more developed and more | |mature. In comparison, the legislation in China is simple and composed of only five clauses.In theory and practice this has some | |drawbacks.Besides introduction and conclusion,this dissertation contains four parts through the use of historical narration and | |comparative analysis to study the Limited Liability Partnership. We consider the problems of our system and put forward some | |suggestions on improving it.The introduction will mainly focus on the purpose of this dissertation,and reviews the results of | |research on LLP about home and abroad.Part two introduces the basic theory behind LLP. It covers the origins, the definition and | |the legal characteristics. It also studies the process through which China to establish this system. Finally we will compare LLP | |with other types of organizations, exploring some distinguishing characteristics of LLP.Part three is the comparative law study | |on LLP. This part will compare the legal status, who is allowed to use this form, partner’s liability and how to protect | |creditors between China and Anglo-American. Following this comparison we sum up the differences between China and Anglo-American | |and pave the way for the part four and part five. In regard who is allowed to use this form,I think it is suitable to be...
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