Creditor Services
Limited Liability Partnership ("LLPs")
In 2001 the Limited Liability Partnership Act Regulations came into force to allow a profit making business to be run on a similar basis to that of a traditional partnership whilst enjoying the same tax advantages. The individual partners have the benefit of limited liability up to the capital introduced.
The owners of the LLP are generally those who introduce capital to the LLP and are called Members with the partnership being governed by a Partnership Agreement or by the Limited Liability Partnership Act Regulations 2001.
Geoffrey Martin & Co have experience to provide advice to the Members of LLPs in order that all the options available may be considered in both solvent and insolvent situations.
Should insolvency be experienced then the same rescue and insolvency options are available to the LLP as those for a Limited Company under the Insolvency Act 1986. (Voluntary Arrangements, Administrations, Voluntary Liquidations, Compulsory Liquidations and Receiverships).
For solvent LLPs wishing to wind up the partnership we work closely with the Members and their tax advisors from an early stage to ensure that the timing of the solvent winding up provides the best tax advantages and ensure that distributions of assets are maximised for the benefit of the Members.