Limited Liabilty Partnerships (LLPs)

Partners may register as a limited liability partnership (LLP) under the Limited Liability Partnership Act 2000. An LLP Partner can either be a company or an individual.

Corporate partners are liable to corporation tax on their profit share and individual partners are subject to tax and national insurance in the same way as partners in other partnerships.

An LLP is a corporate entity and the partners in LLPs will be liable in the same way as company directors. LLPs have to file annual accounts and annual returns with the companies registry.