This is a form of business introduced by the Limited Liability Partnerships Act 2000. It is intended to offer similar protection against liabilities afforded to the shareholders of a limited company, whilst allowing some element of flexibility associated with traditional partnerships. As a result, it does have certain registration and filing requirements, though not as substantial, as with limited companies.
If you think that an LLP may be the best form of trading for your needs, we can advise and assist on all aspects of :
- Registration and setting up
- Filing and disclosure requirements
- Liabilities and responsibilities of the ‘Members’
- The need for ‘Designated Members’ with specific duties set out by law.