Q: What are my duties to the LLP?

A: The Limited Liability Partnerships Act 2000 (the Act) came into force in April 2001 and with it accountancy firms have been able to operate as a separate legal entity and limit their liability by becoming a limited liability partnership (LLP), as opposed to a traditional partnership.

The members (partners in a traditional partnership) can agree the duties they owe to each other and to the LLP in the LLP agreement. The members act as agents to the LLP and that relationship creates fiduciary obligations owed by the members to the LLP.