ON April 6, 2001, a new type of legal entity came into being in England, Wales and Scotland, the 'limited liability partnership' (LLP). In the six months after April 6, more than 700 LLPs were registered at Companies House. Many of these were small to medium‐sized businesses which were presumably persuaded that going down this route made more sense than entering into a conventional partnership or setting up as a company limited by shares. This article takes stock of the position a little over a year on, and explores some of the reasons why, in Nick Openshaw's experience, this new vehicle has made little or no real headway in the veterinary profession.