How will forming an LLP impact my business' professional reputation?

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Hi

I would like to go from being a sole trader to forming an LLP with some colleagues. Will this impact my professional reputation as a solicitor at all? Or should things stay about the same, do you think?

Cheers

Answers

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Hi,

Incorporated businesses are generally considered more professional and credible because they are required to adhere to far stricter filing, reporting and disclosure requirements. This makes it easier for other businesses and the public to monitor business activities and be aware of who they are dealing with.

As a solicitor, LLP status will significantly increase your professional image because you will be presenting your business as an established, joint venture that is registered at Companies House and subject to close scrutiny. This will build trust and confidence and improve your overall reputation. Your personal assets will also be protected by limited liability, so you will not be responsible for the full debts of the business.

a year ago
 

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