Many professional businesses, such as solicitors, accountants, consultants and doctors, that have traditionally operated in partnerships tend to form a Limited Liability Partnership (LLP) to reduce their exposure to any personal financial loss.
Unlike companies limited by shares and companies limited by guarantee, LLPs do not have shareholders or guarantors but members. In this company structure there must be a minimum of two members. There is no maximum number of members that the company can have. Members can reside and work from anywhere in the world.
The profits from an LLP are shared amongst its members. The company’s members are required to pay income tax and/or National Contribution payments on these drawings.
HOW TO FORM A LIMITED LIABILITY PARTNERSHIP
121 Company Formation offers different types of LLP formation packages; all include the following basic elements:
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