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LLP's

limited liability partnerships

PARTNERSHIPS

SOLE TRADERS

LLPs

LIMITED COMPANIES

PARTNERSHIPS

SOLE TRADERS

LIMITED COMPANIES

LLPs

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Most important features of Limited liability partnerships

The key advantage of a limited liability partnership when compared with a traditional partnership is that the members of the LLP are able to limit their personal liability. A limited liability partnership is legally a company. It is administered like a company in all aspects except its taxation.

LLP profits are treated as the personal income of the members as if they had run their business as a partnership.

Setting up LLPs

Setting up a LLP involves sending certain documents to the Registrar of Companies. A LLP should have a comprehensive members’ agreement in place.

  • You must register with Companies House and file annual accounts
  • An annual LL AR01 form must be completed and returned to Companies House
  • A Partnership tax return must be filed with HMRC each year detailing the income and expenditure of the business and how the profits have been allocated between the partners
  • Each partner must complete a self assessment tax return each year detailing their share of profits and any other sources of income they have

Individual members have historically been deemed to be self-employed but from 6 April 2014 self-employed status is not appropriate in some cases.

Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ   T: 01332 202660

Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd.  Registered in England No. 05770414

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01332 202660

61 Friar Gate  Derby  DE1 1DJ

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