A Limited Liability Partnership (LLP) is similar to an ordinary partnership in that a number of individuals or limited companies, known as the “Members”, share in the risks, costs, responsibilities and profits of the business. The difference is that liability is limited to the amount of money they have invested in the business and to any personal guarantees they have given to raise finance. This means that members have some protection if the business runs into trouble.
An Limited Liability Partnership (LLP) does not have a share capital or a set of Memorandum and Articles of Association. Instead, the Members of the Limited Liability Partnership can choose to put in place a Limited Liability Partnership Agreement that binds all the members. This document is not required to be sent to Companies House and is therefore not available to the public. A1 can produce a Limited Liability Partnership Agreement tailored to your requirements (additional costs apply from £150 + VAT)
Limited Liability Partnerships are treated in the same way as ordinary partnerships insofar as the members are taxed as individuals on the amounts taken from the Limited Liability Partnership’s profits rather than as shareholders becoming liable to Corporation Tax on the dividends paid to them.
Limited Liability Partnerships are commonly used by professional practices such as accountants, lawyers, architects, etc.
Our comprehensive limited company formation package includes the following:
|Limited Liability Partnership||£75.00|
|Limited Liability Partnership agreement||Add from £150.00|