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Last, many measures can be taken to prevent the shift of the burden of risk from the professionals to their clients. To begin with, it may be required that an LLP must fulfill various requirements and get registered with the appropriate authority and the words Registered Limited Liability Partnership or the abbreviation LLP must be concluded in its name. Also it may be required the proof that the partnership has obtained adequate liability insurance or has adequate assets to satisfy potential claims. Moreover, the price of limited liability is public regulation and disclosure . Furthermore, although some countries provide broad protection for the limit of an individual partner’s liability, including protection against contractual claims brought by the partnership’s creditors , it is also common practice to provide protection only against tort claims and the partner will assume unlimited liability when he knowingly causes the LLP to commit a tortious act. That is all depending upon the scope of the LLP legislation.
For the above reasons, I believe that the HKSAR government, by rejecting the introduction of LLPs, neglected the needs of the business community and the basic interest of Hong Kong as an international economic center. However, I think it may be a temporary situation and I am optimistic that the government will change mind in the future.
【注释】Through the amendment to Company Ordinance (Cap32) in 2003
Report of Panel on Administration of Justice and Legal Services for submission to the Legislative Council, downloaded at http://www.legco.gov.hk(14-11-2006)
Especially after the Uniform Partnership Act (1997)
Limited Liability Partnerships Act 2000
Act on Agreement for Limited Liability Partnership of Japan (2005)
Enterprise partnership law of the PRC has been amended on 27 August 2006, with effect from 1 June 2007. The most important innovation is the introduction of LLPs into Chinese law.
Consultation Paper on Limited Liability Partnership in Singapore, downloaded at http://app.mof.gov.sg (21-11-2006)
G Morse, Partnership Law, 5th ed. P27
Minnesota of the USA, e.g., enacted an expansive LLP statute in 1994.
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