What is a Limited Liability Partnership?

A limited liability partnership (LLP) is a form of business structure where the involved partners all possess limited liabilities. This form of business entity is usually used for those businesses that carry on trades or professions; and they are especially common among large professional collaborations. LLPs are designated under the law as ‘bodies corporate’, but for tax purposes they are usually considered to be partnerships. Each member of such an organisation has a liability that is limited to the full extent of their assets; meaning no more than the contributed amount can ever be claimed by creditors.

As well as this reduced risk with regards to creditor claims, LLPs bring a great amount of flexibility with regards to internal structure as well, as almost any setup can be adopted with ease. This allows the partnership to maintain its original ethos without conforming to any additional restrictions. Such benefits make an LLP an attractive proposition for many, although some also see certain negatives too. These concerns include the necessity to keep all financial information readily disclosed and the requirement for a formal LLP agreement to be in place at all times; although these drawbacks are usually minor enough to not constitute a barrier for most.

Choosing the right form of legal business entity is a vital consideration for any budding entrepreneur, and here at eformations we can offer you a professional service for LLP formation to ensure that all of your needs are fully taken care of. For your convenience, we can also offer you online incorporation for an LLP, allowing your certificate to be efficiently obtained within a matter of hours. It has always been our priority to serve our customers in the best manner possible, so we provide a reliable service for company formation and registration no matter what you are looking for.

Forming a company, no matter what structure you choose, needs to be conducted in full compliance with all aspects of relevant company law. That’s why we are dedicated to taking care of all of the complex legislation that you’ll ever need to adhere to. With more than 20 years of experience and highly competitive prices, we’re confident that we can meet your every requirement. To find out more about how we could be helping you today, please contact us and our customer focused team will be happy to assist.

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