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Limited liability partnership

A limited liability partnership (LLP) is a business which limits the liability of some of the partners. It must have at least 1 general partner and at least 1 limited partner.

A partner can be an individual or a legal entity (such as a company). This applies to general and limited partners.

Partners

A general partner:

  • runs the daily business of a partnership
  • has no limit on their liability.

A limited partner must not:

  • take part in running the partnership
  • enter a contract on behalf of the firm.

The limited partner is only liable for:

  • the amount shown on the Register
  • the unpaid remainder of that amount.

The partners can live outside of Queensland.

Operations

Your limited liability partnership:

  • is formed to conduct business in Queensland
  • only exists in law after you register it with us
  • must have a registered office address in Queensland.