@johncoate Hi John, There is some confusion because what one or two countries call a Limited Liability Partnership is what we in the UK call a Limited Partnership, where there is a General (Managing) Partner with unlimited liability (albeit they may be limited companies etc) and Limited Partners whose liability is limited to their investment but have virtually no management say.
The UK LLP does not even require a written agreement since simple default provisions apply in the absence of agreement to the contrary (eg equal %age shares; all members must agree to a new member). LLPs are very useful for people businesses and are widely used as development vehicles for new assets.
The closest US equivalent to the UK LLP is the Limited Liability Company (LLC) just to confuse things even more.
In tax terms the UK LLP is ‘tax transparent’ (or what the US calls ‘pass through’) which means the taxman treats it as a partnership and taxes you on income or gains received through it as though you are a partner, as distinct from a member of a collective.