· The key aspect of an LLP is that it is a separate legal entity; thus, its existence is different from the Members.
· Members leverage organizational flexibility of a partnership through LLP agreement.
· Note that LLP agreement is a private document which needs to remain confidential to the Members.
· There must be at least two “designated” members to start an LLP.
· The “trading disclosure” of an LLP is similar to those of a company.
· Also, LLPs has the same accounting and filing requirements as companies.
· Each member of an LLP is liable for tax in their share of the income & gains.
· An LLP can issue debentures on fixed charges or floating charges over similar to that of a company.
· A Limited Liability Partnership must get registered at Companies House.
· Lastly, the members of an LLP have the benefit of limited liability
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