Accountant background

LLP's

limited liability partnerships

PARTNERSHIPS

SOLE TRADERS

LLPs

LIMITED COMPANIES

PARTNERSHIPS

SOLE TRADERS

LIMITED COMPANIES

LLPs

OUR

PROCESS

GET IN TOUCH
WITH US

GET TO KNOW

US

Most important features of Limited liability partnerships

The key advantage of a limited liability partnership when compared with a traditional partnership is that the members of the LLP are able to limit their personal liability. A limited liability partnership is legally a company. It is administered like a company in all aspects except its taxation.

LLP profits are treated as the personal income of the members as if they had run their business as a partnership.

Setting up LLPs

Setting up a LLP involves sending certain documents to the Registrar of Companies. A LLP should have a comprehensive members’ agreement in place.

  • You must register with Companies House and file annual accounts
  • An annual LL AR01 form must be completed and returned to Companies House
  • A Partnership tax return must be filed with HMRC each year detailing the income and expenditure of the business and how the profits have been allocated between the partners
  • Each partner must complete a self assessment tax return each year detailing their share of profits and any other sources of income they have

Individual members have historically been deemed to be self-employed but from 6 April 2014 self-employed status is not appropriate in some cases.

Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ

Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd.  Registered in England No. 05770414

Registered to carry out audit work by the Association of Chartered Certified Accountants - auditregister.org.uk 8011438

       Services

Member of the Association of Chartered Certified Accountants
Phone

01332 202660

61 Friar Gate - Derby - DE1 1DJ

Tax planning
Tax problems