One of the potential disadvantages of creating an LLP is that it needs to be formally incorporated at Companies House and accounts filed and the LLP’s financial position is therefore available publicly.
The key areas to consider when setting up an LLP and/or converting from an existing general partnership to an LLP are:
- Will all partners in the partners transfer to the LLP?
- Will there be different classes of members (full, salaried, fixed share)?
- What will be the capital put into the LLP?
- Will all partnership property assets transfer to the LLP and how are current liabilities to be dealt with?
- What terms need to go into the new partnership agreement?
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