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A UK Limited Liability Partnership is reasonably new trading vehicle and is a cross between a partnership and company (although it is more like a company). Unlike a partnership where partner’s losses can be unlimited, partners’ losses in a LLP are limited to the capital they introduced to the business. In return for this limited liability the LLP’s accounts must be filed at Companies House and therefore be open to public inspection.
There are lots of great tax reasons for using a LLP and you will need to speak to your tax adviser as to whether a LLP is the right vehicle for you.
This agreement sets out the how the relationship between the partners is to be governed and includes clauses on profit sharing, decision making and what happens on dissolution. The agreement also incorporates the legislation governing the management of Limited Liability Partnerships, in particular the requirements for designated members and for reporting annually to Companies House.