URGENT QUESTION What is a "Limited Liability Partnership"?

I have an interview as a coordinator at an Estate Agents tomorrow that has described it self as a Limited Liability Partnership and obviously I want to find out as much as I can about the company before I arrive to give myself the best chance possible. Easy to understand answers appreciated.

If you are going there as an employee... you do not have anything to worry about.... It does not concern you in the slightest.

In basic language, it is to do with how much the Partners in the company are liable for, if the firm goes belly up.

As far as an employee (i.e. hopefully you), is concerned.... it is no different than working for a Limited Company.

Basically a LLP means that the partners play an active role in the business and are only liable for a set sum of money, usually the amount invested. They aren't personally liable for the debts of the company beyond that amount if the company goes belly up! Hope this helps chicks.....xxxx

(LLP) is reduced personal responsibility for business debts.

In an LLP, all partners have a form of limited liability, similar to that of the shareholders of a corporation. However, the partners have the right to manage the business directly, and a different level of tax liability than in a corporation.

Limited liability partnerships are distinct from limited partnerships, in that limited liability is granted to all partners, not to a subset of non-managing "limited partners." As a result the LLP is more suited for businesses where all investors wish to take an active role in management.

There is confusion between LLPs as constituted in the US and that introduced in the UK in 2001 and adopted elsewhere - since the UK LLP is, despite the name, specifically legislated as a Corporate body rather than a Partnership.

Advantages of LLC:
Limited Liability: Owners of a LLC have the liability protection of a corporation. A LLC eexists as a separate entity much like a corporation. Members cannot be held personally liable for debts unless they have signed a personal guarantee.

Flexible Profit Distribution:

No requirement to keep formal Minutes:

Flow Through Taxation: All business losses, profits, and expenses flow through the company to the individual members. thus avoiding double taxation of paying corporate tax and individual tax.

Disadvantages of LLC
Limited Life: Corporations can live forever, whereas a LLC is dissolved when a member dies or undergoes bankruptcy.

Going Public: Business owners with plans to take their company public, or issuing employee shares in the future, may be best served by choosing a corporate business structure.

Added Complexity: Running a sole-proprietorship or partnership will have less paperwork and complexity. A LLC may federally be classified as a sole-proprietorship, partnership, or corporation for tax purposes. Classification can be selected or a default may apply.

hey, a llp protects each partner from personal liability for certain obligations in the partnership. Each partner is not liable for the other partners debt or obligations as they would be in a general partnership. Profits from the limited liability partnership are distributed evenly for tax purposes as the partnership is not taxed separately
The liability of the partners is different in each state but generally follow section 306c of the Uniform Partnership Act.
Hope this helps!

limited liability partnership (LLP) has elements of partnerships and corporations. In an LLP, all partners have a form of limited liability, similar to that of the shareholders of a corporation. However, the partners have the right to manage the business directly, and (in many areas) a different level of tax liability than in a corporation.

Nothing to worry about.
It's just a way of setting up a firm. The usual way for small firms is either a partnership or a Limited Company, (different taxation). A Limited Liability Partnership is just a kind of hybrid.
An awful lot of solicitors and legal firms are set up on this basis and are designated by the letters LLP after the name.
Hope this helps!

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