Limited Liability Partnerships
Is there more than one type of partnership?
This is a hybrid of a Partnership and a Limited company. The partners in a limited liability partnership aren’t personally liable for any debts the business cannot pay. Their liability is limited to the amount of money they invest in the business. In return for this ‘Limited Liability’ the partners have to prepare their accounts in a different manner, one which Southgates will prepare to ensure the partners fulfill their legal responsibility.
Limited liability partnerships are most often set up by professional services firms, like solicitors or accountants and are not always suitable or tax efficient for general trading partnerships.
We are more than aware that all businesses are different and each have individual needs so for further information on Southgates LLP service and to benefit from a free initial meeting please contact us.