I have been approached by a start up business that has set itself up as an LLP, now apart from knowing that it is a Limited Liability Partnership that is about the extent of my knowledge.
So my questions are: 1. Can anyone give me some more information as to what an LLP is or where I can get more info 2. As an associate member of the ICB what work am I allowed to do, is it just bookkeeping then pass on the accounts to accountant to submit final returns etc.
An LLP is like a Ltd as in its limited in its liability but works like a partnership ie profits are split between the members and they are responsible for their own tax via SA.
There must be a deed of partnership drawn up and the LLP must be registered at co house.
There must be a deed of partnership drawn up and the LLP must be registered at co house.
This bit is really important as it governs profit share - what is debt vs. what is equity etc. If it's a small LLP then much of the bookkkeeping will be as per Limited Companies, apart from the use of the partners' capital accounts.
