A Limited Liability Partnership (LLP) is an alternative corporate business vehicle that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership. It has both corporate and partnership characteristics. Since April 2001 it has been possible to incorporate LLPs. Limited Liability Partnerships are incorporated by completing Form LL IN01 and sending this to Companies House together with the appropriate fee. Unlike limited companies LLPs do not have memorandum or articles of association. Limited Liability Partnerships do not need to provide a copy of their Limited Liability Partnership Agreement to Companies House. This agreement contains the following clauses:- 1. Definitions and interpretation 2. Incorporation 3. Commencement and duration 4. Name and registered office 5. Property and place of business 6. Accounts 7. Banking arrangements 8. Members' shares and contributions 9. Profits and losses 10. Drawings 11. Members' obligations, duties & entitlements 12. Holiday leave 13. Maternity & paternity rights 14. Parental and family leave 15. Management 16. Limitations on members' powers as agents 17. Indemnity and expenses 18. [Cars] 19. Insurance 20. Retirement 21. Expulsion 22. Provisions relating to death retirement or expulsion 23. Payments following death retirement or expulsion 24. Other provisions following death retirement or expulsion 25. Winding up 26. Guarantees and Indemnities 27. Notices 28. Arbitration And Limited Liability Partnership Schedules:- 1. Member's names and residential addresses 2. Property 3. Prior shares of profit 4. Primary Percentage division of profits and losses 5. Secondary profit share principles (if any) Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.