Limited Liability Partnerships
A Limited Liability Partnership, or ‘LLP’, is a business structure somewhere in between a limited company and a traditional partnership setup. LLPs operate with the flexibility of a normal business partnership, but they are incorporated at Companies House as legal individuals. This means LLP members (partners) are protected by limited liability for debts because the LLP itself is responsible for its liabilities.
LLPs are popular business structures with professionals such as solicitors, accountants, doctors, and dentists because they can retain their preferred structure whilst protecting themselves with limited liability.
When it comes to HMRC, business partners are expected to do twice as much as their lone-ranger counterparts.
First, they must register for both individual and collective self-assessment, then – unless the business opts for LLP status – they might also be personally liable for various debts.
This is why we provide support across the board, including: