Choosing the right business structure for you.

 

Limited Liability Partnership (also known as "Corporate Partnerships")

A Limited Liability Partnership does for partnerships what a Limited Company does for Sole Traders. That is, it establishes the business as a legally separate entity from its owners (in this case, described as “members”). This means that the members do not have liability for the debts of the company.

Two or more individuals may establish a Limited Liability Partnership by registering with Companies House. Members of a Limited Liability Partnership are considered to be self employed, and must therefore register with HMRC. Members “draw” payment from the Limited Liability Partnership, which are not offset against the profits of the Limited Liability Partnership for tax purposes.

Accounts Direct can help you if you decide that a Limited Liability Partnership is the best way to approach your business. We can register you with Companies House, and also register all members with HMRC, as well as administering your accounts and filing your annual returns.

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