| Limited Liability Partnerships |
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Bankers are often accused of only offering financial umbrellas when the sun is shining. However have you got an umbrella in place for protection against the other elements? Are you in business as a sole trader or in partnership? As part of your business and your trading process are you routinely and personally ‘in the frame’ for substantial amounts of money to suppliers, customers or clients? Insurance risks and cover aside could you be if someone sued you? If so why take the risk of losing your home and everything else you have worked so hard to achieve? Are you otherwise contemplating a joint business venture ? Do you want the protection that incorporation can provide against personal liablity without the greater procedural hassle of forming and running a limited company? If either scenario applies you should perhaps consider the merits of converting to a limited liability partnership (or LLP). They are tax neutral (your tax profile will not change). They are usually easier to manage and run. If you own your own premises then the net impact on the way you run your business may for practical purposes be nil. If you don’t then your lease may have to be assigned or the lease could be transferred into your name/s and the LLP’s. Let us set explain your options and help you make what could be a critically important choice in terms of your future business survival and success. What price is peace of mind? |