Limited Partnership Law DIFC Law No. 4 of 2006

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............................................................................................................................................ 7

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 OF INSPECTION AND REMEDIES....................................................................................................... 16

39. Appication of Operating Law............................................................................................................................. 16

40. Strike off and Restoration ............................................................................................................................... 16

LIMITED LIABILITY PARTNERSHIP LAW ii 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