A Limited Liability Company (LLC) is a legal business structure allowed by state statute.
LibAbun Accountancy provides an individual partner protection against personal liability for certain partnership obligations. The Limited Liability Partnership (LLP) is essentially a general partnership in form, with one important difference. Unlike a general partnership, in which individual partners are liable for the partnership’s debts and obligations, an LLP provides each of its individual partners protection against personal liability for certain partnership liabilities.
Limited partnerships allow partners to have limited liability as well as limited input with management decisions. These limits depend on the extent of each partner’s investment percentage. Limited partnerships are attractive to investors of short-term projects. Some states limit the creation of a limited liability partnership to professionals such as doctors, Accountants, or lawyers.
The leverage of having LLP is each member is personally responsible for the actions of the company, which includes debts, liabilities and the wrongful acts of other partners. No double taxation, the company are passed through to partners to file on their individual tax returns. Credits and deductions are divided by the percentage of individual interest each partner has in the company. On the other hand, the downside is individual partners are not obligated to consult with other participants in certain business agreements.
This is the same pricing as Sole Traders, except extra charges for 2 or more partners.
Avoid the stress of weekly bookkeeping. Track your cashflow and Finances through monthly reports. Manage your tax liabilities in real-time so that you know what funds are available to withdraw and what should be set aside for tax.
Easily create and send invoices, add new customers, and manage expenses, whilst we do all your bookkeeping for you.
Full visibility of exactly what’s coming in and going out of your business 24/7 from any device, anywhere, anytime.
Our dedicated team of business growth experts can advise you on how to meet your business objectives in the most tax efficient way that legislation allows, as well as offering ongoing accountancy support and guidance.
Total peace of mind that your accounts are safe and secure online and easily accessible at any time.