Limited Liability Partnerships: Back in Vogue

Traditionally, limited companies are the main vehicle used when setting up in business owing particularly to the limited liability protection. However, in the current economic climate obtaining tax efficiencies is a must and a Limited Liability Partnership (LLP) can go some way to letting you achieve the best of both worlds.

An LLP is also a body corporate which gives similar commercial protections to a limited company but tax legislation provides that a trading LLP will be taxed like a partnership. This provides an opportunity to operate a more flexible business model with a variety of benefits. Whereas a partnership has partners, an LLP has members. Members can be individuals or limited companies or both.

For more information on the benefits of trading as an LLP, please don’t hesitate to contact us.