Set up and register a limited liability partnership (LLP)

Introduction

A limited liability partnership (LLP) is similar to a normal partnership, but it also offers reduced personal responsibility for business debts.

Unlike sole traders and partners of ordinary partnerships, the LLP itself - not the individual members - is responsible for any debts that it runs up, unless individual members have personally guaranteed a loan to the business.

LLPs are more complicated to set up and run than ordinary partnerships, as they have to meet many of the same requirements as limited companies. LLPs are designed to be used by profit-making businesses. Non-profit making organisations should not use this business structure.

This guide will give you a brief overview of what is required.

If you are unsure about any aspect of forming an LLP, seek professional advice from your solicitor, accountant or formation agent.

Subjects covered in this guide


Actions