Limited Liability Partnership
A United Kingdom Limited Liability Partnership (LLP) was established on the 9th of January in 2009. Traditionally, in a limited partnership, the general partner has unlimited liability for the debts and obligations of the partnership. However in this new legislation for a Limited Liability Partnership there are a minimum of two partners each with a 'limited' amount of liability. And the partners in a United Kingdom Limited Liability Partnership are liable only up to the amount of their contribution to the partnership. Since an LLP is a flow-through entity, each partner is responsible for filing an annual tax return reflecting their respective financial involvement with the LLP. Provided no business is conducted with or within the United Kingdom or by a UK resident, there are no United Kingdom tax liabilities. And utilizing entities properly structured offshore as the partners of the LLP not only aids in enhancing anonymity and asset protection benefits, it may eliminate any tax liability for citizens outside the United Kingdom who wish to have their business headquartered in Europe.
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