Why might you choose an LLP over a limited company?
There are numerous ways in which you can set up a business, partnership, limited company or sole trader. Amongst these options are hybrids, including limited liability partnerships (LLPs), which incorporate elements of different setups. As ever, when it comes to taxation, nothing is straightforward. Consequently, it is essential to appreciate the pros and cons of LLPs and limited companies when setting up a business.