This thesis is mainly concerned with the expansion of limited liability within partnerships in the UK, US, and China and the concomitant need to strengthen creditor protection. Limited liability used to be a privilege largely restricted to shareholders of corporations, who are liable for corporate debts only to the extent of their capital contributions in the corporation. Recent years have witnessed an innovative combination of limited liability and the partnership structure. In this thesis, the hybrid entities of limited liability and partnership structure will be referred to as partnerships with limited liability, which include the limited partnership, the limited liability partnership (LLP), and the limited liability company (LLC). As limited liability induces opportunism against creditors, corporate law contains many stringent rules to mitigate risks for creditors. However, despite having the liability shield similar to that of corporations, partnerships with limited liability have a much lighter regime for creditor protection. This allows businesses to utilise limited liability while circumventing the creditor protection rules under the corporate law. This thesis will highlight such regulatory asymmetry of creditor protection between corporations and partnerships in the UK, US, and China and consider whether it is necessary to transpose corporate rules for creditor protection to partnerships with limited liability. Further, this thesis will make an overall evaluation of the creditor protection regime in China and propose further improvements, drawing on the experience of the UK and US. It is worth noting that “UK law” in this thesis refers to the law of England and Wales,excluding law in Scotland unless otherwise indicated.
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Partnerships with limited liability and creditor protection in China: a comparative perspective from the UK and US
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