Which TWO of the following statements correctly describe the legal characteristics of a Limited Liability Partnership (LLP) formed under the Limited Liability Partnerships Act 2000?

A Limited Liability Partnership (LLP) is a corporate body with a separate legal personality (like a company), meaning it can contract and hold property in its own name, and its members have limited liability. It must file accounts with Companies House. However, for tax purposes, it is treated like a traditional partnership (tax transparent), meaning members pay income tax on their share of profits, not corporation tax.