Limited Liability Partnerships: Back in Vogue

BLOG15th Jan 2013

Traditionally, limited companies are the main vehicle used when setting up in business owing particularly to the limited liability protection. However, in the current economic climate obtaining tax efficiencies is a must and a Limited Liability Partnership (LLP) can go some way to letting you achieve the best of both worlds.

An LLP is also a body corporate which gives similar commercial protections to a limited company but tax legislation provides that a trading LLP will be taxed like a partnership. This provides an opportunity to operate a more flexible business model with a variety of benefits. Whereas a partnership has partners, an LLP has members. Members can be individuals or limited companies or both.

For more information on the benefits of trading as an LLP, please don’t hesitate to contact us.

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Our team support a diverse array of individuals such as employed professionals, business owners, families and international sports stars. As AAB clients, they all benefit from absolute confidentiality and share a unified goal of optimising and safeguarding their personal wealth. Our services extend far beyond mere tax return completion. In addition to standard personal tax compliance, our dedicated team of personal tax specialists delivers dependable and practical tax advice, ensuring full compliance and optimal positioning.

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