Article 27 - Minimum membership for carrying on business

(1) If a Limited Liability Partnership carries on Business without having at least two Members it must notify the CRO in the Prescribed Form within 21 days of having a single Member.
(2) If a Limited Liability Partnership carries on Business without having at least two Members and does so for more than three months, a person who, for the whole or any part of the period that it so carries on Business after those three months:
(A) is a Member of the Limited Liability Partnership; and
(B) knows that it is carrying on business with only one Limited Liability Partnership) for the payment of the Limited Liability Partnership's debts contracted during the period or, as the case may be, that part of it.
(3) If the Limited Liability Partnership carries on Business without having at least two Members and does so for more than three months then the CRO may strike the Limited Liability Partnership off the register and the Limited Liability Partnership will be dissolved.
Amended by QFCA RM2012-1 (as from 11th April 2012)