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Ashbrooke Developments Llp

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Unit 4
Greencroft Industrial Park
Stanley, Co. Durham
DH9 7YB


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developments

1. the process of developing; growth; progress:
2. a significant consequence or event: recent developments in science.
3. a developed state or form: Drama reached its highest development in the plays of Shakespeare.
4. Music.the part of a movement or composition in which a theme or themes are developed.
5. a large group of private houses constructed as a unified community, esp. by a developer or government organization
Real estate development is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved parcels to others. Developers are the coordinators of the activities, converting ideas on paper into real property.

Real estate development is different from construction. Developer Louis Lesser drew the distinction in a 1963 New York Times article, "Developing is the key word. ''We don''t build ourselves'', Mr. Lesser stresses. ''We buy the land, finance the deal, and then we have the best builders build under bond at a fixed cost.''

Developers buy land, finance real estate deals, build or have builders build projects, create, imagine, control and orchestrate the process of development from the beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate—and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structure, and lease, manage, and ultimately sell it. Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, leasing agents and more. In the Town and Country Planning context of the UK, ''development'' is defined in the Town and Country Planning Act 1990 s55.

llp

A limited liability partnership is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP one partner is not responsible or liable for another partner''s misconduct or negligence. This is an important difference from that of a limited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation. In some countries, an LLP must also have at least one "general partner" with unlimited liability. Unlike corporate shareholders, the partners have the right to manage the business directly. As opposed to that, corporate shareholders have to elect a board of directors under the laws of various state charters. The board organizes itself and hires corporate officers who then have as "corporate" individuals the legal responsibility to manage the corporation in the corporation''s best interest. An LLP also contains a different level of tax liability from that of a corporation.

Limited liability partnerships are distinct from limited partnerships in some countries, which may allow all LLP partners to have limited liability, while a limited partnership may require at least one unlimited partner and allow others to assume the role of a passive and limited liability investor. As a result, in these countries the LLP is more suited for businesses where all investors wish to take an active role in management.