What is a Limited Liability Partnership?

 

·          Limited Liability Partnerships are a specialised business vehicle and are a half way house between a partnership and a company.

·          LLP s are a partnership for tax purposes, but they have limited liability protection for the partners or members of the LLP.

·          A LLP does not pay tax itself.

·          The underlying partners pay tax on their share of the partnership profits.

·          Partners may be individuals or corporations.

 

There are different aspects of LLP’s where we can be of assistance.

We can offer assistance in any or all of the following areas:-

 

·          Formation

·          Administration

·          LLP tax returns

·          Planning for trade using LLP’s

 

 

When are they useful?

 

These are most often used for businesses which may involve overseas partners in joint ventures, or for the incorporation of former general partnerships, such as legal practices and accountancy practices.

 

How we can help

 

Formation

 

·          We can form LLP’s,

·          We will complete all the required elements of formation ensuring you comply with all legal requirements.

·          We can advise on their use in joint ventures.

·          We can advise on other tax planning areas

·          We can offer expert advise on cross border trade and international holding vehicles.

 

LLP Administration

 

·          We will fully administer or assist in the administration of your Limited Liability Partnership,

·          We offer expert services particularly  where it has been formed as a trading partnership with partners in differing tax jurisdictions.

 

LLP tax returns

 

Even though LLP’s do not pay tax themselves:-

 

·          LLP’s  are  required to submit a tax return to HMRC.  

·          We will prepare the necessary returns together with their accompanying documentation for filing with both HMRC, and Companies House.

 

Planning for trade using LLP’s

 

There are particular and significant tax advantages in the use of Limited Liability Partnerships to trade outside the UK where the main participants are not UK residents.

 

·          We are experienced in the incorporation and operation of LLP’s in such tax structuring, and can often achieve a very low level of effective taxation on profit with this technique, often as low as 1.5%.

 

Our Commitment to you

 

·          We will provide you with a professional and timely service.

·          We will keep your interests as our first concern.

·          To ensure our service is tailor made to meet your requirements.