Partnerships and LLPs

Partnerships and LLPs are an alternative to a limited company. Partnerships are a more informal arrangement and are created when two people agree to work together “with a view to profit”. 

There does not need to be any type of written agreement for a partnership to be formed, though it is recommended that document governing any type of partnership arrangement is produced.

A partnership does not have a separate legal personality, unlike a limited company. There is therefore a risk to the individual partners involved, whose personal assets may have to be used to pay any debts of the partnership.

A Limited Liability Partnership (LLP) is a more formalised version of a partnership, with the added protection of limited liability.  This means that partners are not personally liable for the debts of the partnership.  There are more formalities involved in incorporating an LLP, as they are registered with Companies House.  This also means that some details about the LLP are publicly available.

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