Limited Liability Partnership

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Having a limited liability partnership is a lot like a company, except for a few subtle differences in terminology. However, partnerships are becoming more and more popular, mainly due to the added protection given to partners due to the limited liability status that a partnership provides.

Just like a company, your partnership must be registered with Companies House and you must file accounts annually. Your accounts will be quite similar to a company’s accounts, but your taxes will be different.

Unlike the profits of a company, which are subject to corporation tax, the profits of a limited liability partnership (LLP) are taxable on the members of the partnership who will pay income tax on their share of the profits.