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Limited Liability Partnership

LIMITED LIABILITY PARTNERSHIP

Get advice on starting your Limited Liability Partnership

Advice on your LLPs!

An LLP is operated much the same as a regular partnership with the added security of limited liability. With the objective of profit and differing tax regulations to the traditional limited by shares company, Limited by Liability Partnerships are often favoured in professions such as accountancy and law. The structure of an LLP is slightly more complex than a Limited by Shares Company but our intuitive software ensures that the formation process is straightforward with your LLP being formed in typically just 3 working hours.

Predominantly, the key taxation difference between a Limited by Shares Company and a Limited Liability partnership is the absence of corporation tax. Effectively, the members of an LLP will complete a yearly self-assessment and pay tax on their personal income foregoing any tax that would have been required if they had been operating a Limited by Shares Company. The benefits of this can be debatable and entirely case dependent which is why we are at hand to guide you through this and make sure that this option is right for you.

The filing requirements for an LLP are very similar to those of an LTD but there are slightly more criterion you must meet to set this up. In order to remain active, an LLP must have at least 2 designated members at all times. The designated members are the overall decision makers and are responsible for the day to day running of the company.

“Please contact an accountant to discuss which type of business structure best matches your needs” ¬†— The Accounting Site

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