Limited liability partnerships
Like a company, an LLP is its own entity and trades in its own LLP name. Unlike an ordinary partnership they offer some limited protection to their members, so that a partner’s liability is limited to the amount they have invested. An LLP has to be registered with Companies House in the same way as a limited company and file annual returns and accounts with Companies House.
When setting up in business it can be difficult to work out whether an LLP or a limited company is the right structure for you. Our business services solicitors can provide legal advice on the differences and discuss with you the legal implications.
Whilst LLP are fairly new business structures, as commercial solicitors we would advise you to enter into a Limited Liability Partnership Agreement .