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Concept & Advantages of LLP

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Our Taxation experts answer questions on Concept & advantages of LLP such as:

  • looking at the advantages of  LLP can 2 individuals set up an LLP and transfer assets (house and cars) to the LLP, This will help them to claim back the Hire Purchase VAT already paid on the cars. What if the above planning is done by a couple, is it allowed for a couple to form LLP to set up as an LLP to take advantage of claiming VAT back?
  • I recently cleared my engineering exam and planning to open my own office in partnership with my friend sam who also cleared the exam with me. I friend of mine studying commerce told me that it would be better for a professional to open a LLP due to seamless advantages of LLP whereas my dad said open a private ltd. company as it will offer more liberty and help in working on bigger platform. I am confused as what to do, i have $3,000 to open the business and my friend will let me use his place for office purpose without any charge. My concept of opening the business is to provide the consultancy to various people without any restrictions
  • Currently I was going through various form of busniess in order to choose one for me, while doing so I came across a very interesting form of business LLP, yes this is the one which has maximum advantages with least legal issues. In such form of busniess you can skip the personal liability and stll operate as a partnersthip firm escaping the huge cost of operaiting as a corporate entity, but i am confused at one point can a person who is not a professional also go for this type of entity, would a professor providing tution will be considered as professional for this purpose.
  • What is the minimum requirement as to the number of partners and the amount of capital invested in order to start the business as LLP. Currently I am living in South CA, is there state local authority whose permission is required to open up a LLP.
  • I got a mail from my friend who is confused about which type of busniess form he should choose. I told him to go for LLP but he said that creditworthiness of LLP's is low due to which it becomes tough for them to get loan easily Is he right, I don't think so. Thanks in advance.

 

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