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