What is a Limited Liability Partnership?

A Limited Liability Partnership (LLP) has a similar structure to a traditional partnership with the added benefit of limited liability. A minimum of two designated members must be appointed at all times and they are responsible for the general management of the LLP.

A key difference between an LLP and a Limited company becomes apparent when considering the taxation duties. The members of an LLP pay tax on their personal income in the absence of corporation tax.

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