Who might set up an LLP?

LLP’s are often used by two or more people within a ‘profession’ that want protected liability. To form an LLP there must always be two or more ‘members’. They are common amongst solicitors, accountants, architects, and other businesses that need to define responsibilities and earnings between the members. They are quite different to LTD companies as the earnings of the LLP are subject to income tax.

You can find more detailed information on LLPs and the different types of companies on our website.