General Partnership and Limited Liability Partnership Comparison Matrix
General Partnership and Limited Liability Partnership Comparison Matrix helps you choose an appropriate legal structure by comparing a general partnership with a limited liability partnership (LLP).
In general terms, an LLP is more like a company than a general partnership, although it does not pay corporation tax. Participants are subject to income tax and National Insurance contributions in the same way that partners in a general partnership are. Key differences between the two structures include liability, dissolution and regulatory requirements.
What does General Partnership and Limited Liability Partnership Comparison Matrix do?
It sets out the main differences between a general partnership and an LLP so you can assess which structure is more suitable for your business.
What does General Partnership and Limited Liability Partnership Comparison Matrix cover?
It includes detail on:
- legal status
- liability
- management
- how each structure signs contracts
- the types of businesses that are most suitable for each structure
It has been updated to reflect the Supreme Court ruling in May 2014 relating to the status of LLP members as “workers” for the purposes of the Employment Rights Act 1996. This means that individual LLP members, unlike partners in a partnership, enjoy the statutory rights and protections conferred on “workers” under legislation, including protections relating to whistleblowing, rest breaks and paid annual leave.
When should you use General Partnership and Limited Liability Partnership Comparison Matrix?
Use it when you are considering whether to run a business as a general partnership or an LLP and want a clear side-by-side comparison of the key practical and legal differences.
General Partnership and Limited Liability Partnership Comparison Matrix is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.