LLP - Limited Liability Partnership

[lordturpin]

Quick question on LLP's, if anyone can help...

Is there any loopholes/tax benefits etc I should be claiming or using in being Member of an LLP vs just listed as an Employee ? - Should I be asking my accountant to be doing anything special ?

Thanks

[Eric Mc]

A limited liability partnership is taxed exactly the same way as a normal partnership i.e. the individual partners are taxed on their personal share of the partnership profits for the year. So, as for normal partnerships, the main additional "tax manipulation" (i.e over and above those seen in sole traderships) that goes on in LLPs is varying the split of the partnership profits.

[lordturpin]

Yes - I have had advice on the liability side of the partnership, thanks. A LLP is pretty straightforward as far as i can acertain and so i was just wondering if i was missing out on anything etc. It appears not ! - thanks for you help.

[RichBurley]

I have a question- Why do some law firms elect to go the llp way, and some go the ltd way?