Which ONE of the following in INCORRECT in relation to a Limited Liability Partnership (“LLP”)?

An LLP, like a company limited by shares, is a separate legal entity.

Outsiders contract with the LLP and not with the partners, just as outsiders would contract with the company and not the directors or shareholders of the company.

An LLP must have “designated members” which are the LLP equivalent of the board of directors of a private company.

In return for Limited liability, an LLP, like a company, is required to submit an annual return.