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Review Your SQE 1 Practice Records

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Laura and Ben are starting a new limited liability partnership (LLP). They need to understand the concept of legal personality. 

What best describes this concept in the context 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. 

Key Point: The concept of legal personality in an LLP provides the entity with the ability to act independently from its partners, offering limited liability protection.

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