Which TWO statements are correct in relation to designated members in limited liability partnerships (LLPs)?

Designated members in limited liability partnerships (LLPs) play specific roles that contribute to the overall functioning and compliance of the LLP. One of their primary responsibilities is to ensure that the LLP meets its regulatory obligations, which includes filing the LLP's accounts. This obligation underscores the importance of designated members in maintaining transparency and accountability within the partnership structure. This duty to file accounts is vital for the proper management of the LLP and its standing with regulatory bodies.

In contrast, other statements do not accurately reflect the role or nature of designated members. Limited liability is a characteristic of LLPs in general, but it does not pertain specifically to the responsibilities of designated members. Similarly, while designated members have certain responsibilities, they do not bear full liability for partnership debts; the structure of an LLP ensures that members' liabilities are limited. Lastly, designated members can engage in the day-to-day operations of the business, as their designation relates more to compliance and governance rather than restricting their involvement in the operational aspects of the LLP.