Key features of LLPs:
1. Members are not liable to pay any debt of the business. 2. LLPs are legal entities in their own right. 3. LLPs do not have shares and do not pay Corporation Tax. Distribution of profits is mentioned in the Members’ Agreement and each member is liable to pay tax on their own portion of takings from the business. 4. LLPs do not have publicly viewable articles of association. They have more flexibility and privacy as compared to LTDs. Also, a Members’ Agreement is a private document.
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