DEDICATED GUIDE
Limited Liability Partnership (LLP) Vs Limited Company
This guide aims to answer the question, “Should I operate as a Limited Liability Partnership (LLP) or via a Limited Company?” which is very frequently asked by people starting a business for the first time. Let’s consider these two structures in more detail. Complete the form at the bottom of the page to download this guide.
Introduction:
Limited Liability Partnerships (LLPs) and Limited Liability Companies (LLCs), often shortened to “Limited Companies”, are very similar in many ways to the extent that they are both required to register with Companies House and HMRC and are both required to submit:
- Annual Financial Statements
- Tax Returns
- Confirmation Statements
- and provide disclosures with regards to membership.
Furthermore, both structures crucially allow partners/directors to limit the scope of their liability to protect their private assets.
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