125. (1) A relevant business shall not operate as a limited liability partnership unless authorised by the Authority to so operate under this section.

(2) An application for authorisation to operate a relevant business as a limited liability partnership shall be made to the Authority.

(3) An application under subsection (2) shall be in such form and be accompanied by—

(a) such information, and

(b) such fee (if any),

as may be prescribed in regulations made under section 130.

(4) Subject to subsection (5), where the Authority receives an application in accordance with subsection (3) and the Authority is satisfied that the relevant business has professional indemnity insurance in place which complies with regulations made under section 47 in relation to limited liability partnerships and under section 26 of the Act of 1994 (if applicable), the Authority shall authorise a relevant business to operate as a limited liability partnership.

(5) An authorisation under subsection (4) is subject to the condition that the limited liability partnership has professional indemnity insurance in place which complies with regulations made under section 47 in relation to limited liability partnerships and under section 26 of the Act of 1994 (if applicable) at all times in respect of that partnership.

(6) An authorisation given by the Authority under subsection (4) shall be in writing and shall have effect from such date as is specified in the notice.

(7) A limited liability partnership shall, as soon as practicable after receipt of the authorisation under subsection (4), notify its clients and creditors of the fact that it is operating as a limited liability partnership and setting out the information prescribed in regulations made under section 130(2)(c).

(8) A limited liability partnership shall—

(a) conduct the business of the partnership using a name that ends with either the expression “limited liability partnership” or the abbreviation “LLP”,

(b) use the name referred to in paragraph (a) on all contracts, invoices, negotiable instruments, orders for goods and services, advertisements, invitations to treat, websites or any other publication published in any format by or on behalf of the limited liability partnership, and

(c) comply with any obligations imposed on limited liability partnerships by or under this Act.

(9) The Authority shall make a decision under subsection (4) not later than 60 days after receipt of an application which complies with subsection (3).