LLP Accountants for Limited Liability Partnerships

Limited Liability Partnerships (LLPs) are becoming more popular, largely due to the added protection given to Partners by virtue of the limited liability status.

What exactly is a LLP?

LLPs are very much like a company, but with some subtle differences in terminology. For example, members rather than shareholders and designated members rather than directors and significant differences in the taxation of the business profits.

Like a company, an LLP has to be registered with Companies House and file accounts annually.

The LLP accounts will look very similar to those of a limited company, but again with some differences that take into account the terms of the Partnership agreement.

However, any similarity to a company ends when it comes to matters of Tax.  The profits of a company are subject to Corporation Tax, whereas the profits of an LLP are taxable on the Partners who will pay Income Tax on their share of the profits.  Our services include preparing first year LLP accounts, revenue and profit recognition and preparation of your annual report and financial statements.

As with any business structure, we would recommend that you speak to your lawyer who can advise you on a Members/Partners Agreement.

More Information

If you would like to find out more about LLPs please contact:

Steve Mitchell This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Mairi MacIver This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Or call us on 01224 625111.