Limited Liability Partnerships more commonly known as LLPs were introduced in 2001. Now 20 years on from their introduction the latest Companies House statistics show that more than 52,000 have been registered.
Limited Liability Partnerships are popular because an LLP gives the benefits of limited liability, but allow its members the flexibility of organising their internal structure as a traditional partnership.
An LLP is taxed as a partnership. The internal structure of the LLP is similar to that of a partnership. The members provide working capital and share any profits. Income derived by the members from the LLP will be closer to that of a partnership than to the dividends paid by companies.
Registering an LLP
If you are considering setting a Limited Liability Partnership or would like more information about LLP please go to our dedicated Limited Liability Partnership Page or contact us.