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Review Your SQE 1 Practice Records

Examination Timing: 00H00M19S

John and Emily want to form a limited liability partnership (LLP). They are unsure about the legal personality of an LLP. 

What best describes the legal personality of an LLP?

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An LLP is a separate legal entity distinct from its partners. This means that the LLP can own property, enter into contracts, and be liable for its debts independently of its partners. This separate legal personality provides limited liability protection to the partners. 

Key Point: The concept of legal personality in an LLP allows it to act independently from its partners, offering the benefits of limited liability while maintaining flexible partnership arrangements.

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