| A Limited Liability
Partnership are forms of business entities which permit
one partner to be shielded from individual joint liability
for partnership obligations created by another partner's
or person's misconduct. A partner's liability is not limited,
however, when the misconduct took place under the supervision
or control of the partner. Only liability arising from
the misconduct of other partners or persons is covered
by this law; the partnership is not relieved from liability
for other partnership obligations and individual partners
are liable for their own misconduct. |
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A limited liability partnership may be registered in Belize
where persons who wish for a business to be carried on
with a view of a profit have agreed and features involves;
a) To provide for the establishment, registration,
dissolution and winding up of limited liability partnerships
b) The name of such a partnership shall end with the
words "Limited Liability Partnership" but
the abbreviations "LLP"or "L.L.P."
may be substituted in actual usage.
c) No limit to the number of persons who may partners.
d) Any person may be a partner - including individuals,
corporations or another limited liability partnership.
e) Must have a registered office in Belize.
f) Must keep accounting records for 5 years.
g) No requirement for filing or auditing of accounts.
h) Partners may lend money to or borrow money from
the partnership
See Limited Liability Partnership
Act.
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