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Working together to help your business blossom.
Limited partnerships are very similar to limited companies in that they both offer a limited liability to their company’s members. However, there are two very important differences:
• a limited liability partnership (LLP) is taxed as a partnership, and can be organised with more flexibility
• LLPs don’t have directors or shareholders, but can have as many members as you choose. Members should be formally appointed at the point of formation, or by the other members at a later date
LLPs are designed for the types of profession that have traditionally insisted on a partnership format such as lawyers and doctors. For most normal trading businesses a standard limited company is usually preferable. |
