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.”


Related Northern Ireland News Stories
Click here for the latest headlines.

13 June 2005
The 2005 Birthday Honours List for Northern Ireland
The full list of recipients of honours in the 2005 Birthday Honours list for Northern Ireland is as follows: Knighthood: Mr Hugh Orde OBE, Chief Constable, Police Service of Northern Ireland - for services to Northern Ireland. CBE: Mr Robert David Stewart Campbell, Belfast - For Political and public service.
20 February 2007
Northern Ireland goes to Washington
Washington DC is to experience Northern Ireland’s arts and culture during a four month programme to promote arts, business, education, food and tourism.

 Around 250 local people will be in Washington taking part in the Rediscover Northern Ireland programme and the Smithsonian Institution’s Folklife Festival.
11 April 2003
Local businesswomen ignore UK competition
Northern Ireland businesswomen have chosen to ignore a UK-wide competition with £40,000 worth of cash prizes. Organisers of the Women Mean Business awards were shocked when they realised not a single women from the province had entered this year's awards.
07 November 2002
Political crisis threatens confidence, investment and jobs
Three-quarters of Northern Ireland business leaders say the collapse of the Good Friday Agreement would destroy business confidence. The unexpected result was part of a BBC Northern Ireland Business Day Poll survey which also revealed that if current levels of violence escalate, half of local employers would postpone planned investment or cut jobs.
16 February 2006
Hain announces Northern Ireland Bill
Secretary of State, Peter Hain, has today introduced new legislation to the House of Commons to help pave the way for future devolution of policing and justice in Northern Ireland.