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Limited Partnership

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Limited Partnership

  • This topic has 7 replies, 3 voices, and was last updated 1 year ago by Vijay.
Viewing 8 posts - 1 through 8 (of 8 total)
  • Author
    Posts
  • March 19, 2021 at 3:29 pm #614792
    Vu
    • Topics: 46
    • Replies: 87
    • ☆☆

    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
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    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
    • Topics: 46
    • Replies: 87
    • ☆☆

    Thank you for your response

    March 22, 2021 at 7:49 pm #614989
    Vijay
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    My pleasure 🙂

    March 25, 2021 at 7:14 pm #615204
    alawi sayed
    • Topics: 138
    • Replies: 148
    • ☆☆☆

    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
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    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
    • Topics: 138
    • Replies: 148
    • ☆☆☆

    Thanks for help, I appreciate.

    Alawi

    March 27, 2021 at 7:49 pm #615349
    Vijay
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    My pleasure 🙂

    Kind regards,

    Vijay

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    Posts
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