Why would someone form an LLP?

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I’ve been told by multiple friends and colleagues that I should consider an LLP for my next joint venture I’ve got in the works. Why? What is special about an LLP, and why would somebody want to form one?

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A limited liability partnership is a sort of hybrid between a general partnership and a limited company. By setting up an LLP, you will be able to enjoy the flexible internal management and tax structure of a partnership, but you will also benefit from limited liability for any business debts or legal claims.

This is an ideal structure for two or more people who would like to run a business as a partnership whilst protecting their personal assets. LLPs are most commonly used by professional service firms such as accountants, lawyers and doctors.

You can find out more about LLPs here. For tailored advice, please consult an accountant or professional advisor.

a year ago
 

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