Reflective report on business law Essay Example | Topics and Well Written Essays - 1500 words

Reflective report on business law - Essay Example I was tasked with researching and preparing a presentation on the advantages and disadvantaged of Limited Liability Partnerships. Despite the initial hiccup, we were able to complete the assignment by week 3 and as such we had ample time to compile everything, rehearse, make corrections and managed to make a confident presentation in week 4. This reflective report briefly outlines the Limited Liability Partnership Act 2000, and the Partnership Act 1890, that we discussed in our presentation and reflects on our experience with regards to the preparation of the assignment in a group. It looks at the challenges we encountered in the group, the strengths we had as a group and our experience during the oral presentation. Finally, it outlines the lessons learned from both working in a group/team and carrying out oral presentation. A brief outline of the Limited Liability Partnership Act 2000 The Limited Liability Partnership Act, also known as the LLPA, is an act that provides for a framew ork under which limited liability partnerships are created. This act was developed in the United Kingdom as a result of corporate accounting firms’ pressure with regards to the need for the creation of a framework that combines both the benefits of limited liability and the flexibility of partnerships (Legislation.gov.uk n.d.). According to the Limited Liability Partnership Act 2000, Limited Liability Partnerships are characterized by certain features including limited liability for partners/members; LLP’s are taxed as partnerships; they are separate legal entities; have organizational flexibility such as that enjoyed by partnerships; the filing and accounting requirements of LLP’s are similar to those of limited liability companies; any agreements between members are deemed as private and confidential, and LLP’s have the ability to develop floating charges. A limited Liability Partnership is not a partnership, and as such, the laws, rules and regulations that apply to partnerships do not apply to it, except in situations or circumstances provided for in the LLPA (Statham 2002). As such, it is right to define an LLP as an alternative business framework that combines the benefits enjoyed of limited liability and the flexibility of partnerships. According to LLPA 2000, limited liability is possible in LLP’s because an LLP is a legal entity entirely separate from its members and as a result, is liable for its own debts and owns the business assets. Partners or members act as the LLP’s agents, thus, have limited liability, at least up to their contribution-monetary-to the LLP. The Limited Liability Partnership Act 2000 provides for mechanisms in which the provisions of insolvency law and company law can be applied to LLP’s, at least with appropriate modifications. These mechanisms are used to put in place important safeguards for those willing to deal, or dealing with Limited Liability Partnerships. Such safeguards are expected to include provisions for public disclosure of LLPs information such as finance; and provisions with regards to what happens in the event that an LLP becomes insolvent (Legislation.gov.uk n.d.). A brief outline of the Partnership Act 1890 The Partnership Act 1890 defines a partnership as relation that exists between persons that are in a business to make profits. According to this act, the relationship between members of any association or