Full steam ahead for LLPs

Partners whose organisation intends to become an LLP will still be taxed as a partner rather than as a director in a limited company.

The move is likely to be well received by those Big Five firms seeking to become LLPs.

The structure will be available from 6 April this year when the chancellor’s tax proposals for LLPs goes live.

They will be treated as businesses conducted by partners in partnership rather than a separate corporate body.

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