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Since the Limited Liability Partnerships Act 2000 came into force, the limited liability partnership (LLP) has been available as a form of legal entity. Unlike the traditional form of partnership, the LLP is a separate legal entity and in this regard, is similar to a limited company. However, for tax purposes, the LLP is treated in the same way as a traditional form of partnership.
The LLP is particularly popular amongst professional practices such as solicitors, accountants, architects and chartered surveyors. We have incorporated a number of LLPs on behalf of clients and assisted with the transfer of existing businesses into the LLP structure.