Discussion
In the throws of looking at a new venture with a colleague
trying to decide on LLP and Ltd Co but getting different advice from Laywer, accountant and tax expert (all who i know and respect)
They'll be two partners/shareholders. The business will never really hold more than £100- £200k. there is lots of software, some staff and a fair few cars. Income wil be very lumpy.
My feelings are to go as an LLP, as i don't think it will cost us more in tax, but will be considerably easier in the first year or two to withdraw funds if we want to without having made a profit on paper. Cars will be a reasonable cost to us and look easier on a LLP.
Tax guys is sitting on fence, lawyer says llp, accountant ltd co....
trying to decide on LLP and Ltd Co but getting different advice from Laywer, accountant and tax expert (all who i know and respect)
They'll be two partners/shareholders. The business will never really hold more than £100- £200k. there is lots of software, some staff and a fair few cars. Income wil be very lumpy.
My feelings are to go as an LLP, as i don't think it will cost us more in tax, but will be considerably easier in the first year or two to withdraw funds if we want to without having made a profit on paper. Cars will be a reasonable cost to us and look easier on a LLP.
Tax guys is sitting on fence, lawyer says llp, accountant ltd co....
No opinion based on the limited info supplied. But unless any of your trusted, paid & insured advisors are massively against one structure over the other and prepared to fight the others over it, choose the one you want to go with.
You could very easily establish and run both. That is not uncommon.
You could very easily establish and run both. That is not uncommon.
What’s the business and what’s the aim and reasons for considering an LLP?
There are similarities, eg, both are body corporates, but also some big differences, eg, an LLP can be transparent for tax purposes such that the partners are subject to tax on profits and not the LLP. There are also differences in insolvency law, you’re potentially more exposed as an LLP.
There are similarities, eg, both are body corporates, but also some big differences, eg, an LLP can be transparent for tax purposes such that the partners are subject to tax on profits and not the LLP. There are also differences in insolvency law, you’re potentially more exposed as an LLP.
Gassing Station | Business | Top of Page | What's New | My Stuff