Limited Liability Partnership
Benefits as per Bronze Pack, paper based company formation.
1. What is an LLP?
An LLP is a form of legal business entity with limited liability for the members and is usually associated with law and accountancy firms although architects, chartered engineers and other professionals may find this form of trading more suited to there needs
2. What is the difference between an LLP and a limited company?
The main difference is that an LLP has the organisational flexibility of a partnership and is taxed as a partnership. In other respects it is very similar to a private limited company.
Two or more persons associated for carrying on a lawful business with a view to profit can incorporate an LLP by subscribing to its incorporation document. In law, 'person' includes individuals and companies or firms. LLPs are not available for some activities such as charities and non-profit making activities.