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What's the difference between a LLP (Limited Liability Partnership) and a PLC (Private Limited Company) ? I always get them confused :S
Thanks for any help! :) x
In the UK, a company identified as Ltd. is a "private company limited by shares", which is a private corporation. A company identified as an LLP a "limited liability partnership", which is a special type of partnership. Thus, an Ltd. is a corporation and an LLP is a partnership. Perhaps the most important difference is the income tax treatment. An Ltd. is a taxpayer which pays a corporate tax on its income. An LLP is not a taxpayer and does not itself pay income tax: instead, the LLP's income is allocated and taxed to its partners, who must pay their proportionate tax (even if the partners themselves do not receive the actual profits).
i'll try and take all that in :) thank you very muchh :') x