Limited Partnership

This topic has 7 replies, 3 voices, and was last updated 1 year ago by Vijay.

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March 19, 2021 at 3:29 pm #614792
Vu
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Can I ask what is the difference of Limited partnership and Limited liability company? Does it have the same meaning and similar structure?
March 21, 2021 at 8:02 pm #614928
Vijay
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Hi Vu,

The difference between LLP’s (Limited Liability Partnerships) and Limited Companies is tax.

Ltd Companies are subject to Corporation Tax but a LLP is not. Otherwise they share similar features as described in the lecture.

I hope this helps?

Kind regards,

Vijay
March 22, 2021 at 8:01 am #614943
Vu
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- Replies: 87
Thank you for your response
March 22, 2021 at 7:49 pm #614989
Vijay
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My pleasure 🙂
March 25, 2021 at 7:14 pm #615204
alawi sayed
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Hi Vijay,

Can I interfere in this question. Suppose that Vu meant the difference between limited liability partnership and limited partnership ,does this change the answer?,

Thanks,
March 26, 2021 at 7:20 pm #615274
Vijay
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Hi Alawi,

Good question 🙂

So a Limited Partnership (LP) is governed by the Limited Partnership Act 1907. It basically allows Partners to limit their liability but only if at least 1 partner remains unlimited in their liability. So basically its a hybrid/mix.

Whereas a Limited Liability Partnership (LLP) is governed by the LLP Act 2000 and this allows ALL partners to limit their liability.

Both LP’s and LLP’s are similar in that they need to both be registered at companies house but that both are not subject to corporation tax.

I hope this helps?

Kind regards,

Vijay
March 27, 2021 at 7:07 am #615288
alawi sayed
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- Replies: 148
Thanks for help, I appreciate.

Alawi
March 27, 2021 at 7:49 pm #615349
Vijay
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My pleasure 🙂

Kind regards,

Vijay
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