LLP Flashcards
1
Q
Key Points
A
Accounting process closer to a Ltd company
Separate legal entity
Must be registered at Companies House
Members have a limited legal liability
Trading name must include LLP
Must have 2 designated members
To be classed as self employed members must contribute at least 25% into the company and have influence over running the company
Partnership as a whole will not benefit from limited liability and active partners may still be forced to clear general trading debts of the partnership
