Study Of A Limited Liability Partnership, The Legal System

With the development of the social economy, the professional service institutions are expanding and the risk of the partners goes up gradually. To avoid the excessive risk imposed on the partners, the legal system of limited liability partnership embodied in Anglo-American Law System was introduced into China in 2006, which is called special general partnership. This system eliminates, to some extent, the unlimited joint liabilities of the general partners for the debts in a general partnership enterprise, in which the no-fault partners are protected to bear limited liability in the professional activities. However, the provisions are vague and the supporting measures are not well formed, so that the uncertainty in the practice is too high to make it feasible. This article takes the law firm as an example, to make research on the theoretical and practical issues about the special general partnership to perfect this legal system.Except for the introduction and the conclusion, this article is made up of three parts. The comparative law, the induction and the case-method are used. It focuses on the protection of the partners as bearing limited liability first, while balancing the interests of the partners and the debtors, to illustrate the views to perfect the system of special general partnership enterprises in domestic law.The introduction briefly states the origin, characteristics of the special general partnership and the significance for the legal profession it brings. Chapter 1 is an overview of the limited liability partnership. Chapter 2 will make a research on the limited liability partnership system in the common law system. Chapter 3 will illustrate the current situation and improvement of the special general partnership system. The conclusion is a comprehensive summarization of this article .