A traditional partnership structure with limited liability for the members.
Limited Liability Partnerships (LLPs) are a relatively recent form of corporate entity introduced by The Limited Liability Partnerships Act 2000. LLPs share some of the same features of a traditional partnership as well as some of the features of a Limited Company. An LLP is a separate legal entity, meaning it can enter into contracts in its own name, and also provides its members with the protection of limited liability.
LLPs were originally introduced so that professions that historically operated as partnerships, such as accountants and solicitors, could access limited liability without fundamentally changing their structure. For most businesses, a private limited company will suffice, but because of the differences in the way LLP members are taxed they are still popular.
Take advantage of our free fast-track arrangement with Lloyds to open your business bank account. Once your account is open, email us to claim your £50 cashback – either by cheque or back to the credit card used to purchase the company.
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LLP Package | Only £10.99