Limited liability partnership

A limited liability partnership (LLP) is a business which restricts the liability of the limited 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 the 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.

If a limited partner does take part in running the partnership or enter a contract on behalf of the firm, the limited partner is accountable for all liabilities of the firm incurred while running the partnership.

The limited partner is only liable for:

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

The general or limited partners can live outside of Queensland.

Operations

Your limited liability partnership:

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