Limited Liability Partnership Law DIFC Law No. 5 of 2004

PART 1: GENERAL..................................................................................................... 1
1. Title and Commencement ....................................................................................1
2. Legislative authority.............................................................................................1
3. Application of the law...........................................................................................1
4. Date of enactment ...............................................................................................1
5. Commencement....................................................................................................1
6. Interpretation........................................................................................................1
7. The Registrar.........................................................................................................1
PART 2: FORMATION AND REGISTRATION ..................................................................... 2
8. Method of formation .............................................................................................2
9. Limited Liability Partnership Agreement................................................................2
10. Registration .........................................................................................................3
11. Effect of registration ............................................................................................3
PART 3: ADMINISTRATION OF AFFAIRS OF A LIMITED LIABILITY PARTNERSHIP................ 4
12. Licence .................................................................................................................4
13. Conduct of Business in the DIFC...........................................................................4
14. Names, records and registers...............................................................................4
PART 4: CORPORATE CAPACITY AND TRANSACTIONS ..................................................... 5
15. Capacity of Limited Liability Partnership................................................................5
16. Transactions entered into prior to corporate existence .......................................5
PART 5: MEMBERS ....................................................................................................... 6
17. Members.................................................................................................................6

18. Relationship of Members........................................................................................6
19. Duties of Members..................................................................................................6
20. Members as agents................................................................................................6
21. Assumptions in relation to Members......................................................................7
22. Ex-Members............................................................................................................7
23. Designated Members..............................................................................................8
24. Registration of membership changes ...................................................................8
PART 6: ACCOUNTS AND AUDIT..................................................................................... 10
CHAPTER 1 - ACCOUNTS.............................................................................................. 10
25. Maintenance of Accounting Records....................................................................10
26. Financial years ....................................................................................................10
27. Accounts...............................................................................................................10
28. Provision of copy of accounts to Member.............................................................11
CHAPTER 2 - AUDITORS ............................................................................................... 11
29. Appointment and removal of auditors...................................................................11
30. Auditors' report to the Members............................................................................11
31. Auditors' duties and powers .................................................................................11
32. Resignation of an auditor .....................................................................................12
33. Co-operation with auditors....................................................................................12

34. Obligation of Disclosure to the Registrar...............................................................13
PART 7: RECOGNISED LIMITED LIABILITY PARTNERSHIPS................................................ 14
35. Foreign Limited Liability Partnerships ...................................................................14
36. Requirements of a Recognised Limited Liability Partnership.................................14
37. Conduct of business in the DIFC ............................................................................14
38. Maintenance of Accounting Records......................................................................15
PART 8: POWERS AND REMEDIES................................................................................... 16
39. Application of Operating Law.................................................................................16
40. Strike off and Restoration .....................................................................................16
PART 9: MISCELLANEOUS.............................................................................................. 17
41. Public Register ......................................................................................................17
42. Power to make Regulations...................................................................................17
43. Waivers and Modification of Law or Regulations ..................................................17
44. Fees.......................................................................................................................18
Schedule 1 ................................................................................................................. 19
Schedule 2.................................................................................................................. 22