Description: Helpful Comments on Tax and Finance - Bicknell Business Advisers Limited www.bicknells.net
Helpful Comments on Tax and Finance – Bicknell Business Advisers Limited www.bicknells.net
As an accountant, I am often asked by my clients what the differences are between an LLP and a Limited company. While both provide limited liability protection, there are some distinct differences between the two.
An LLP is a type of partnership structure that offers limited liability to its partners, which means that their personal assets are not at risk if the business runs into financial difficulties or is sued. An LLP is similar to a general partnership, but unlike general partnerships, the partners are not personally liable for the company’s debts.