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Limited Liability Partnership (LLP)
Limited Liability Partnership (LLP) is an alternative form of business organization. It not only provides the benefits of limited liability but also allows its members the flexibility of organizing their internal affairs as a partnership based on a mutually arrived agreement. Liability of the partners is not as limited as that of shareholder in a company.
There are numerous benefits:
- Limited liability protects the member’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the members.
- Flexibility. The operation of the partnership and distribution of profits is determined by written agreement between the members. This may allow for greater flexibility in the management of the business.
- The LLP is deemed to be a legal person. It can buy, rent, lease, own property, employ staff, enter into contracts, and be held accountable if necessary.
- Corporate ownership. LLP’s can appoint two companies as members of the LLP. In an LTD company, at least one director must be a real person.
- Designate and non-designate members. You can operate the LLP with different levels of membership.