Lawyers in the Northwest Territories may now register limited liability partnerships (LLPs) for their practice. LLPs are designed to protect a partner and his or her personal assets from liability claims arising from the professional misconduct of another partner, provided the protected partner is not involved in the claim.
The Commissioner of the Northwest Territories, under section 34 of An Act to Amend the Partnership Act, S.N.W.T. 2007, c.10, orders that such Act come into force January 27, 2008.
Members may make application for a LLP using the following forms:
- Form 9.1 - Application by a Northwest Territories LLP for an LLP Permit
- Form 9.2 - Application by an Extra-Territorial LLP for an LLP Permit
The Rules pertaining to LLPs can be found at Part VIII of the Rules of the Law Society. Fees for LLPs are defined in Part 2, Schedule B.