Wednesday, August 24, 2016
HOW TO FORM A SCOTTISH LLP?|company formation Scotland|Scotland company formation|Business in Scotland|Accounting work Scotland|Online work UK,London,Watford
Like a general partnership, Limited liability partnership must consist of two or more partners who carryon business with a view to profit. Scottish LLP is a unique vehicle. It has been used in the recent times for private equity and property investment fund structures. The Scottish LLP can be a main funds vehicle because: it can hold assets in its own name; there can be multiple but passive investors (the limited partners); only one person manages the investments and business of the partnership (the general partner).
· LLP Agreement: A limited liability partnership agreement sets out the details of the LLP, its members, their profit shares, capital contributions and, most crucially, the rules for leaving the LLP.
· Separate legal entity: it can own its own assets, enter in to contracts, sue or be sued, own property, borrow money and grant certain types of security.
· Tax transparency: no tax is payable by Scottish LLP itself. Instead UK tax authorities will look through the partnership structure and partners are taxed on their profit sharing ratio.
· Limited management participation: management and control rests with general partner or manager appointed by the general partner.
· If your partner is a resident of UK then he or she will have to pay tax on their shares of profits in UK.
· If the partners are not residents in UK and do not conduct any business in the country, they will not pay any tax in UK only at their own jurisdiction.
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