ambercelery started this topic @ 08:08 on 09/01/2005
Hi
I am hoping to create a new company within the next month or two and am trying to decide whether to go for the LLP or Limited Company. There will be 3 people working on the startup and we have read about the tax differences between the two types of company.
However, I am after some advice as to other businesses opinions of dealing with an LLP/Limited Company. For example, if our company wants to enter business negotiations with other companies to become partners, or for them to be customers or our company - Would there be any difference to them as to how our business was run? Would they prefer a limited company?
Any help in this area will be greatly appreciated.
Many thanks
RE: LLP vs Limited Company
waparesult | 09/01/2005 08:20 AM
ambercelery (great name)
I have never done a LLP but know of people and they have all worked well together.
I have worked in Limited companies before with partners and again they have worked well.
I think in answer to your question though it does not matter which way you go or the partners are, it is more about the contracts between the 2 parties that matter the most.
I hope that helps?
Cheers
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Martin Hunt
RE: LLP vs Limited Company
jamescartwright | 02/07/2009 04:19 PM
Hi ambercelery,
A limited company and LLP work similarly, it's mainly the administration (forms with companies house, ownership, etc.) that has differences.
It is supposed to be less hassle to run an LLP, as there should be less administration. However, you will still have to make an annual return and accounts.
Hope this helps.
James.
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UK Limited Company Formation - £24.99