Limited Liability Partnerships
A Limited Liability Partnership offers the persons who own the Limited Liability Partnership (LPP) all the benefits of operating as a partnership but with protection of limited liability. It is the Limited Liability Partnership that is responsible for any debts and not the partners.
Limited Liability Partnership Popularity
An Limited Liability Partnership provides the flexibility of a partnership and they have become very popular with professional firms such as Dentists, Architects, Surveyors, Solicitors and Accountants. They are also used as “see through” entities for taxation when limited liability is sought, but where the owners wish to be taxed individually rather than through a limited company
Limited Liability Partnership - Features
- Limited Liability Partnerships are required to file Annual Returns and Annual Accounts with Companies House.
- At least two of the limited liability partnership's partners have to be ‘Designated Members’. It is the Designated Members who have the responsibility for ensuring the statutory requirements are fulfilled including the preparation and filing of the Annual Accounts and the Annual Return.
- Limited Liability Partnerships have no requirement for a Memorandum and Articles of Association, but the Limited Liability Partnership's partners may optionally have an agreement that sets out the relationship between them. A draft of an agreement is available from us.
How to Order a Limited Liability Partnership
Please contact our limited liability partnership specialists for further information.