---
title: Limited Liability Partnerships (LLPs)
description: Limited Liability Partnership
---

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# Limited Liability Partnerships (LLPs)

## Used by professionals who want a partnership model & limited liability

### Why it's commonly used

- Allows **partners to run a business together and share profits** using an internal arrangement, but without the full personal risk that comes with a standard partnership. Each partner’s financial exposure is limited, making it a safer option for individuals in professions such as law, accounting, as well as consultancy.
- An LLP is a **separate legal entity**, meaning it can own assets, enter into contracts, and take on liabilities in its own name.
- LLPs retain the **flexible, informal structure** of a partnership. Partners can directly manage the business and agree internally on how profits, responsibilities, and decision-making are shared.
- **Profits are taxed at an individual partner level**, avoiding corporate double taxation via Corporation Tax.
- Allows the LLP to **exist indefinitely** - after an original partners retire or die.
- Widely recognised by professional regulators as the **natural choice for regulated professions**.
- One partner cannot be held liable for the professional mistakes or misconduct of another partner

**💡 Best suited for:** Accountants, solicitors, architects, consultancy businesses and anyone looking to operate a partnership model with the benefit of limited liability.

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