LLP/PLC

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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

Posted: 30-04-11 18:48 by Ravali

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).

Posted: 02-05-11 14:31 by Sophie

i'll try and take all that in :) thank you very muchh :') x

Posted: 05-05-11 19:09 by Ravali