Under the Legal Services Regulation Act 2015 (Limited Liability Partnerships) (Section 130) Regulations 2019 (S.I. 519 of 2019) we are required, as soon as practicable after we have been authorised to operate as an LLP, to provide the following information to our clients and creditors: –
(a) McErlean Weir has been authorised to operate, and will be operating, as an LLP (hereinafter called “the LLP”);
(b) The LLP has been authorised with effect from 5th April 2021;
(c) From 5th April, 2021, as set out in section 123 of the Legal Services Regulation Act 2015 (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;
(d) That (c) 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; and
(e) That from 5th April, 2021, the Partnership Act 1890 applies to the LLP to the extent that it is not inconsistent with Chapter 3 of Part 8 of the Legal Services Regulation Act 2015.
Further information can be found from the LSRA below: