Limited liability partnerships (LLPs) were introduced by statute in 2000.
An LLP differs from a traditional partnership in that it is a business structure which must be formally constituted.
An LLP must also, like a limited company, file annual accounts at Companies House. Those accounts also follow a specific format set out by statute.
From a tax perspective, an LLP is transparent for tax purposes in the same way as a traditional partnership. A limited company can be a member and this can offer some further advantages.
As the name suggests, an LLP gives limited liability protection to each member, which is not true of the traditional partnership.
Unlike a limited company structure, which also offers limited liability protection to its members, the LLP structure is more flexible with regard to incoming and outgoing members. For this reason, LLP's have proven popular with professional firms of accountants, lawyers and surveyors.
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