Limited Liability Partnership
Getting Started
Limited Liability Partnership
A limited liability partnership (LLP) shares many of the features of a normal partnership, but it also offers reduced personal responsibility for business debts. The LLP itself is a separate legal entity which is responsible for any debts that it runs up, whereas in an ordinary partnership the individual partners are liable.
This protection from individual responsibility provided by an LLP is very similar to the corporate shield of limited liability provided by trading as a limited company. However, a limited liability partnership has the organisational flexibility of a partnership and is taxed as a partnership. As a result, forming an LLP could be advantageous to you and your prospective partners.
At Borneos we can incorporate and register a limited liability partnership for you and your business associates quickly and effectively, whether you are starting up a new business or converting to LLP status from an ordinary partnership. However, the same issues of potential difficulty can arise under an LLP as under a normal partnership. Therefore you and your partners should consider entering into a written partnership agreement which can help to avoid future disputes and also sets out what should happen to the business upon the death or departure of one of the LLP members.
Borneos can help you by drafting a partnership agreement tailored to your particular business and circumstances.
If you would like to discuss how we might help you, please:
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call any of our office numbers listed at the bottom of this page;
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contact one of our specialists direct by clicking on their name below; or
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complete our enquiry form
Members of our team specialising in this area:
