Limited Liability Partnerships (LLPs) combine the benefits of corporate status (i.e. having a legal personality separate from its members) and unlimited capacity with the protection of limited liability for members and the ability to operate and be taxed as a partnership.
In addition, LLPs are under no obligation to file a constitution at Companies House, and therefore their profit-sharing arrangements, decision-making structure, exit provisions and other internal rules remain private between the members.
LLPs are popular with professional practices such as lawyers, accountants and surveyors, but are also used in other circumstances where their flexibility or special tax status may be more advantageous than a traditional limited company.
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