Limited liability partnerships (LLP)
An LLP combines elements of a partnership with limited liability for its members. It is a separate legal entity and must register with Companies House, but its tax treatment follows the partnership model for many purposes.
LLPs are common in professions and joint ventures where partners want flexibility but also protection from unlimited liability. Designated members carry extra responsibility for statutory filings. Profit shares follow the LLP agreement—getting that document aligned with how you actually work saves disputes later.
What to have on your radar
- Members’ agreements, profit-sharing rules, and who signs filings as a designated member.
- Annual accounts and confirmation statement submissions at Companies House.
- Tax reporting for members (often via Self Assessment on their share of profits, depending on circumstances).
- VAT and payroll if the LLP employs staff or trades above thresholds.
- Changes in membership: retirements, admissions, and updating registers.
LLP structures vary. If you are forming or restructuring one, we help you connect filings, bookkeeping, and partner reporting. Book a discovery call to talk it through.