A limited liability partnership is a business structure between two or more people with at least one general partner and at least one limited partner.
General partners run the partnership (manages activities of the partnership).
Limited partners must not take part in the management of the business of the partnership and have no power to bind the firm. They are investors, but their liability is limited to the amount they contribute to the partnership, i.e. their investment. The partners may have their residential address outside of Queensland.
Both general and limited partners can be individuals or corporate entities.
A limited liability partnership must have a registered office address in Queensland to be registered.
Incorporated limited partnerships
In 2004, the Queensland Government established a new incorporated limited liability partnership that removed some of the heavy financial and management risks for limited partner investors. See Incorporated limited partnerships.
Limited liability partnerships
Limited liability partnership:
- a partnership, with two or more persons (a company is a legal person), at least one of which is a general partner and at least one a limited partner, that is formed under the Partnership Act 1891 to actually conduct business in Queensland
- a partnership which is formed when you register a statement of the partnership´s composition under the Partnership Act 1891. In other words, the limited liability partnership´s registration actually creates the limited liability partnership at law.
- the limited partner is only liable for the amount shown on the Register or to that amount which remains unpaid. The general partner´s liability is not limited.
Last reviewed 25/03/2013