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alex usovs

LLP Vs LTD

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Hi Alex, this subject interests me....what else have you discovered with this LLP vx LTD.

I spoke with a Tax Advisor (BTL property specialist) and he introduced me to this idea of LLP rather than LTD - which i found very interesting and hadn't thought about before. I was exploring the idea of moving the x 6 properties i currently have in mine and my brothers name, into a Ltd Company for tax reasons (like most are at the minute) - but i hadn't considered the LLP route.

Be really interested to know where you got to with this subject and your thoughts on the Pro's and Cons?

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LLP vs LTD, the way that I see it (again further knowledgeable folks to jump in) is basically use an LLP if offshore dealings or ownership and/or tax exile.

could it simply be 'its all about the tax' or 'individual liability'?

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An LLP works exactly the same as a normal partnership ie you pay income tax and national insurance on any profits made from the partnership. However your liability is restricted to your capital contribution to the partnership.

The LLP will need to submit accounts to companies house as well as complete a tax return.

 

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