1. Overview

You can set up (‘incorporate’) a limited liability partnership (LLP) to run a business with 2 or more members.

A member can be a person or a company, known as a ‘corporate member’.

Each member pays tax on their share of the profits, as in an ‘ordinary’ business partnership, but isn’t personally liable for any debts the business can’t pay.

You’ll need to:

The rules are different for setting up a business partnership, a private limited company or a limited partnership.