Two structures, very different consequences
A Limited Liability Partnership (“LLP”) is regulated under the Limited Liability Partnerships Act 2012. A General Partnership is regulated under the Partnership Act 1961. They look superficially similar, both are arrangements between partners running a business together, but the legal consequences of partnership debts and wrongdoing are very different.
Side-by-side comparison
| Aspect | LLP | General Partnership |
|---|---|---|
| Governing statute | Limited Liability Partnerships Act 2012 | Partnership Act 1961 |
| Legal status | Separate legal entity | Not a separate legal entity, the partnership is the partners |
| Liability for partnership debts | Borne by the LLP itself; partners protected (s. 21 LLP Act 2012) | Joint liability of partners (s. 11 Partnership Act 1961); joint and several liability for wrongs and misapplications (ss. 12 and 14 Partnership Act 1961). Liability extends to personal assets. |
| Number of partners | Minimum 2; no statutory maximum | Minimum 2; maximum 20 under s. 14(3) of the Companies Act 2016. Professional-practice partnerships are exempt by virtue of the partners' professional governing statutes (e.g. Legal Profession Act 1976 for advocates and solicitors). |
| Personal liability of partner for own wrongs | Yes, a partner remains personally liable for his or her own wrongful act, omission, or unauthorised conduct | Yes, and jointly and severally with the firm |
| Management | By partners, as agreed in the LLP agreement | By partners, as agreed in the partnership agreement |
| Compliance burden | Annual declaration of solvency; registered office; compliance officer; BO disclosure | Light, no statutory annual filings beyond business registration requirements |
| Best suited for | Business ventures where personal asset protection matters | Very small, low-risk, two-person ventures where simplicity outweighs liability exposure |
The point most often misunderstood
In a General Partnership, a single partner's bad debt or single tortious act can pull every partner's personal assets, house, savings, future earnings, into the firing line. In an LLP, the same act exposes only the wrongdoing partner personally and the LLP itself; the other partners' personal assets remain insulated. That distinction, alone, is usually decisive.
If you are still running a General Partnership
Converting a General Partnership into an LLP is a defined statutory process. The trade-off is light compliance for limited liability; for any business operating beyond a very small scale, the trade-off is almost always worth making.
If you are operating as a general partnership, or starting a new venture and weighing the partnership form, please contact us. The unlimited-liability exposure of a general partnership is rarely worth the small administrative saving.
两种结构，截然不同的后果
有限责任合伙（"LLP"）受《2012 年有限责任合伙法令》规范；普通合伙受《1961 年合伙法令》规范。两者表面相似，都是合伙人共同经营业务的安排，但债务与过错的法律后果截然不同。
并排比较
| 方面 | LLP | 普通合伙 |
|---|---|---|
| 所依法令 | 《2012 年有限责任合伙法令》 | 《1961 年合伙法令》 |
| 法律地位 | 独立法人 | 非独立法人，合伙即为合伙人本身 |
| 合伙债务之责任 | 由 LLP 本身承担；合伙人受保护（《LLP 法令》第 21 条） | 合伙人就债务承担连带责任（《合伙法令》第 11 条）；对错误行为与不当挪用承担连带且各别之责任（《合伙法令》第 12 与 14 条）。责任可延伸至个人资产。 |
| 合伙人数 | 最少 2 人；无法定上限 | 最少 2 人；最多 20 人，依《2016 年公司法令》第 14(3) 条。专业合伙因其专业规管法令（如律师之《1976 年律师法令》）而豁免。 |
| 合伙人对自己错误行为之个人责任 | 是，合伙人就本人之错误行为、不作为或越权行为，仍承担个人责任 | 是，并与合伙连带且各别承担 |
| 管理 | 由合伙人依 LLP 协议管理 | 由合伙人依合伙协议管理 |
| 合规负担 | 年度偿付能力申报；注册办事处；合规官；BO 披露 | 较轻，除业务登记外，无须法定年度申报 |
| 最适合 | 需要个人资产保护的业务 | 规模极小、风险极低、二人为限的业务，其简易性凌驾于责任暴露之上 |
最常被误解的一点
在普通合伙中，单一合伙人之坏账或单一侵权行为，可将每一位合伙人的个人资产，房产、储蓄、未来收入，一并卷入风险。在 LLP 中，同样的行为只会令该犯错合伙人本人及 LLP 本身承担责任；其余合伙人的个人资产仍受隔离。仅此一项区别，通常已是决定性的。
若您仍在以普通合伙形式经营
将普通合伙转换为 LLP 是法定的明确程序。代价是承担较多合规义务以换取有限责任；对任何超出极小规模的业务而言，这项交换几乎总是值得的。
若您目前以普通合伙形式经营，或正在为新事业考虑合伙形式，请与本所联系。普通合伙之无限责任风险，通常远超过其行政成本上的些许节省。