The limited liability partnership exhibits elements of a partnership and a corporation. It provides its partners with a limited liability similar to that enjoyed by members of a limited company.
With the reforms introduced by the Companies Act 2006, is the limited liability partnership the most ideal business structure for small businesses?
You are required to assess the business structures of the limited liability partnership and the small private limited company.
You are also required to exhibit knowledge of the reforms implemented by the Companies Act 2006 with specific focus on the ` think small approach.
You must write this task as an essay. Adopt a balanced approach when assessing the facts and finally adopt a position and argue for it. Ensure that all arguments or analysis are supported by legal authorities.
Knowledge and understanding
Application of the law to the relevant facts.
Ability to articulate a convincing argument.
Depth of research and ability to source for appropriate materials.
Grammar, presentation and referencing.