LLP Formation In London
If you are considering to set up a business with a colleague or partner, then this choice may be right for you.
The LLP syndicates features of both limited liability companies and traditional partnerships, in that they offer the limited liability protection available to Limited Company shareholders but with the stretchy nature and tax structure available to partnerships.
Limited Liability Partnerships are available to any ‘two or more persons associated for carrying on a lawful business with a view to make profit’ by incorporation with the Registrar of Companies.
Who Is It For?
Traditional professional partnerships such as solicitors, accountants or architects who have been forbidden by their professional bodies from incorporating as limited companies but require the benefits of limited liability and corporate status.
Features & Benefits
- Requires a minimum of two Members
- A company name of your choice
- Members of the LLP are able to limit their personal liability
- The ability for Members to separate out different rights
- No need for governing documents, although a Partnership Deed is highly recommended
- Differently taxed in that the profits are treated as the personal income of the members
- It is a separate legal entity and can, therefore, hold property, enter into contracts, sue or be sued in its own right
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