Limited Liability Partnerships

limited liability partnershipLimited Liability Partnerships are a different type of business vehicle to limited companies. They are typically selected by business owners within professional fields of expertise due to the way they are managed and profits distributed. It is common for solicitors, architects, accountants, and other similar businesses to register as LLP’s.

Limited Liability Partnerships (LLPs) were introduced to provide partnerships with limited liability whilst providing the flexible format afforded by a partnership. Whilst they are not as common as limited companies (LTD’s) they are increasingly used by many professional service providers.

An LLP must always have at least two members. You cannot have a partnership with only one person.

An LLP does not have a constitutional document like a company does. Limited companies have memorandum and articles of association that detail how the business is managed, how decisions are made, and how profits may be distributed. A partnership agreement should be used by the members of an LLP to record this information in a formal document.

For more information on LLPs visit one of the following pages-
What is an LLP?
LLP formation costs
Information about LLP members