Limited Liability Partnership Conversion
Is it for you? If so what problems are there and how do you convert?
Whether you are a multi partner firm or a sole practitioner the question of should you convert your business into a LLP will come up not just once but on a regular basis.
LLPs bring both advantages and disadvantages:
- Same tax benefits as a general partnership
- Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners
- In an LLP one partner is not responsible or liable for another partner's misconduct or negligence
- However there are more administrative duties involved compared to the partnership business structure
- Some financial information about the firm will be made public
This is not a simple decision and we can help you through the process of deciding if conversion to a LLP is right for you and we can manage the process of the conversion if you decide to go down this path.
Our Professional Practice team is headed up by Harry Hilliard, Partner at Monahans. Harry is a specialist in this area, and fully aware of the issues relating to Professional Practices.
Alternatively please call him on (01225) 785520
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