Limited Liability Partnership (LLP)
A limited liability partnership (LLP) is a partnership which provides the partners with limited liability in the same way as companies do for their shareholders.
For tax purposes each partner of the LLP is agreeable on his share of profits in exactly the way as they would be in a general partnership. Unlike partnerships, LLP’s must file their annual accounts at Companies House.
LLP’s are widely used by professional practices who have historically adopted the partnership structure such as accountants and solicitors.