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.
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.
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.