Belize LLP - Limited Liability Partnership

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.

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.