Sherwin O’Riordan have been authorised to operate, and are operating, as an LLP, from 5 December 2022 (the “Relevant Date”).
From the Relevant Date, as set out in section 123 of the Act (subject to the exceptions listed therein), a partner in the LLP has no personal liability for any debts, liabilities or obligations which are incurred for the purpose of carrying on the business of the LLP (whether these are liabilities of the LLP, of himself or herself, of another partner or partners in the LLP or of any employee, agent or representative of the LLP) and however such liability may arise.
The above relates only to the personal liability of partners and does not prevent or restrict the enforcement against the property of the LLP of any debt, liability or obligation.
From the relevant date the Partnership Act 1890 applies to the LLP to the extent that it is not inconsistent with Chapter 3 of Part 8 of the Act.
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