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Simplifies things considerably.
You don't need a "Manager" per se.
But you still have family "Occupiers" and "Investors" plus a "Trustee", where you may bring in someone you trust (even a solicitor - if they would do it) in case people go under buses etc.
Individuals eg Mummy and Daddy, could be Members of all three stakeholder "groups" while other family members may only be Investors (especially when Junior leaves home, or when Mummy and Daddy get divorced).
So who needs a "pre-nup", or even a will?
You can extend this "family corporation" to acquire a property in which Junior lives etc etc
In the LLP ownership and control do not go together as in Companies.
I think it will be particularly interesting to family businesses who always have the problem of passing the family biz down through generations while retaining control.
Or of bringing in competent managers and keeping their interests aligned with those of the family.
Or of letting outsiders invest so that some family members can "cash out" yada yada
An LLP is limited only by one's imagination.
"The future is already here -- it's just not very evenly distributed"
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