A Limited Liability Partnership (LLP) is a legal body corporate on its own just like a limited company. The main benefit of trading as LLP are that partners are not personally liable for their business debt provided they are not negligent.
Partners’ personal liability are limited to the amounts of capital contributed to the LLP.
Partners’ personal assets are safe if the business fails in this respect. This is contrary to normal partnership rules.
For income tax purposes, partners in a LLP will be taxed as if they are in an ordinary partnership.
As a LLP Member you are responsible for:
If you have any questions please do not hesitate to contact us.