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Governed by the Limited Liability Partnerships Act 2000, Limited Liability Partnerships (LLP’s) allow partners to form a business which benefits from the ability to limit their liability. The business becomes a separate entity in its own right and as such, is legally responsible for any debts, removing the liability from its members.
Within the limited liability partnership, the partners continue to run the business, managing it day to day, but their personal assets and finances are protected from liability in much the same way that shareholders are protected by limited liability companies.
Limited Liability Partnerships are required to pay tax in the same way as a normal partnership. Because of the higher rates of taxation placed on both standard and limited liability partnerships (income must be declared by self assessment), sometimes Limited Liability Companies make a better choice when forming a business. Be sure you weigh up the advantages and disadvantages of each before setting up. Whatever you choose our accountancy service can assist you keeping the correct accounts and ensuring you pay the correct taxes as we act as your agent to HMRC.
Limited Liability Partnerships with a turnover of more than £70,000 pa must register for VAT with HMRC in the same way as any other business. Our service is the quick and easy way to register, taking the hassle out of it and leaving you to get on with running your new enterprise.
Using our limited liability partnership formation service therefore means that we do all the work on your behalf. Formation is straight forward and you can use your time for the important things, like getting your partnership up and running.
Contact one of our limited liability partnership formation team for more information on 0800 0828 727
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