Through self filing or a well-organized company formation agent, LLP formation can be completed. This requires filing of an incorporation application which is accessible with the Companies House an LLP or a Limited Liability Partnership is quite similar to a standard partnership except that the being members have lower or limited liabilities to any debts that arise from the running of the business. In a nutshell, LLP offers the flexibility of partnership even as operating a limited company.
A Limited Liability Partnership, LLP, is a kind of business entity. It is taxed similar to a partnership (with fewer taxes compared to a company) and has the benefit of limited liability like a company. This means that the benefits of a company & a partnership are combined in the Limited Liability Partnership (LLP).The LLP resembles the limited company structure in two basic ways. Firstly, it is a corporate body with separate legal entity. Secondly, the liability of its members is limited to their contributions only.
A major advantage of forming an LLP is tax benefit. This is because the partners of an LLP pay tax on their individual incomes only and there is no Corporate Tax applied on an LLP. On the additional hand, the shareholders of a limited company pay tax on their individual incomes as well as Corporate Tax from the company's income. Forming a new Limited Liability Partnership is now an effortless, hassle free process using our online, electronic system. Formations House as well provides the fastest and most efficient service, as well as offering the most cost-effective pricing.