Research On Creditor's Protection Mechanism Of LLP

On August 27.2006,Partnership Enterprise Law of the People's Republic of Chinawas amended,which adopts the specia l genera l partnership enterprises and the limitedliability partnership enterprises.The provisions about the specia l genera l partnershipare in the chapter of genera l partnership enterprises .This paper introduces, expla insand analyses the new business form. Apart from Introduction and Conclusion,thepaper is made up of four parts.Chapter one is an overview of LLP. Section one introduces the origin anddevelopment of the LLP form. Section two provides a definition of LLP.Chapter two,analyzed the risks of creditors'interests of LLP.The analysis ofcreditors'risks of interests of LLP has la id the theoretica l foundation for establishingthe Protective systems of creditors of LLP.Chapter three discusses how to protect creditors. This chapter discussesprerequisites of LLP status such as insura nce and fina ncia l responsibility requirements,also discusses loss of statutory liability protection by the applica tion of common law"veil-piercing"rules.Chapter four the suggestions of establishing LLP in China are focused on. Itdiscusses needs of LLP in our country and provides feasible legisla tive suggestionsand perspectives as the conclusion of the thesis.