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When should I register a Limited Liability Partnership (LLP)?

Content
Investment capital
Capital contribution is subject to partnership agreement

Number of owners        
At least 2 partners
No maximum limit on number of partners

Accounts
Must prepare annual accounts
Keep business and transaction documents for 5 years

Report
Not applicable

Tax
Business profits taxed at partners’ personal income tax rates (if individual)/corporate tax rate (if corporation)

Annual general meeting             
Not applicable

Secretary            
Not applicable

Advantages       
Individual partners’ own liability is generally limited
Partners are not personally liable for liabilities of LLP incurred by other partners

Disadvantages 
High regulatory maintenance cost
Partners can be sued personally for liabilities of the LLP arising from their own wrongful actions

Closure methods            
Winding up by members
Winding up by creditors
Winding up by High Court
Striking off
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Published: March 31, 2016 Updated: April 15, 2016

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