{"id":567,"date":"2020-07-07T13:58:09","date_gmt":"2020-07-07T13:58:09","guid":{"rendered":"https:\/\/www.accountly.co.uk\/?page_id=567"},"modified":"2020-07-07T15:54:04","modified_gmt":"2020-07-07T15:54:04","slug":"llp","status":"publish","type":"page","link":"https:\/\/www.accountly.co.uk\/llp","title":{"rendered":"Online Accountants for LLPs"},"content":{"rendered":"
Limited Liability Partnerships (LLPs) differ from partnerships, in that the members do not have responsibility for any debts or issues which arise.<\/p>\n
With an ordinary partnership, the agreement and the individuals are treated as one entity. Run into debt, and the individuals are personally liable. An LLP is more like a limited company, so the owner\u2019s individual assets are protected, except there are no shares, shareholders or directors.<\/p>\n
One partner is not responsible for another\u2019s debt or financial issues, but they agree to a joint responsibility to run the company.<\/p>\n
There is a possibility, just like with partnerships, that you can go into business with yourself, using your own limited company. An accountant can give you all the advice and best options.<\/p>\n