Limited Liability Partnership
For equal partners who want to limit your liability
You can set up (‘incorporate’) a limited liability partnership (LLP) to run a business with 2 or more members.
A member can be a person or a company, known as a ‘corporate member’.
Each member pays tax on their share of the profits, as in an ‘ordinary’ business partnership, but isn’t personally liable for any debts the business can’t pay.
To form your LLP, you’ll need to:
a) Choose a name
b) Nominate at least 2 ‘designated members’
c) Nominate a Registered Address (This will be publicly available)
d) Make an LLP agreement (A document that describes how the LLP will be run)
Register the LLP with Companies House through us