Updating business legislation important to the economy

New legislation updating company law was given its first airing today in the Northern Ireland Assembly.

The Limited Liability Partnerships (Northern Ireland) Bill offers a further choice to businesses in Northern Ireland on how they are set up or the use of the technical term “incorporated”, while also ensuring that safeguards are in place for those who are employed or trade with such companies.

The proposed legislation will provide Northern Ireland firms with the potential benefits from the Limited Liability Partnerships (LLP) organisation currently available in Great Britain and in similar forms in other jurisdictions.

Speaking about the new legislation, the Minister for Enterprise, Trade and Investment Sir Reg Empey said: “Updating company law is essential to ensure that Northern Ireland remains a good place to do business.

“Following on from legislative changes on economic development which led to the establishment of Invest NI, my Department is currently focused on updating Northern Ireland company law with a series of legislative proposals.

“The LLP will provide a clear benefit to people working in partnership as it protects their personal assets in circumstances where a partner has not been at fault but another partner or partners may have acted improperly in the business.

“This legislation will also help to maintain Northern Ireland’s reputation as an attractive location for business, allowing local firms to operate competitively with their overseas counterparts. The limited liability partnerships (LLP) concept has proven very successful in the USA, in particular with women entrepreneurs, in encouraging new businesses to set up.

“LLP provides an important framework for the growth of sensible risk taking which is part and parcel of the entrepreneurial culture we need in Northern Ireland.”

(AMcE)