They are similar to an ordinary partnership – in that a number of individuals or limited companies share in the risk, costs, responsibilities and profits of the business.
The difference is that in a LLP the 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. Each member is entitled to an equal share of the profits, unless the members agreement specifies otherwise.
The members pay tax and National Insurance contributions on their share of the profits. LLPs can be attractive vehicles for professional firms and other businesses, including start-ups and joint ventures.
There are no Directors in s LLP, only Designated Members. All LLPs must have at least 2 Designated members and these members will be responsible for filing statutory requirements.
Contact us for more information on LLPs
If you wish like to proceed with forming a LLP online, the first step is to check your preferred name here
"We have worked with Des and the team at The Company Shop for 10 Years ...
Brendan Corr, Corr & Corr Chartered Accountants