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traditional partnership v limited liability partnership

(5 Posts)
Pingpong Fri 11-Sep-09 11:08:17

My friend and I are setting up a parntership for our new business selling nappies. We just don't know whether to go for a traditional partnership or LLP. We are seeing a solicitor on Monday but thought I'd ask here too.
Our business adviser wasn't really up to speed with LLPs although the guy who took the start up course thought it would be appropriate for us.
We had an appointment with the bank this week and he thought we should just have a traditional partnership.
As far as I can see a limited liability partnership offers us more protection however we have to register with Companies House and submit our accounts annually whereas with a partnership we don't need to do any of that just draw up a partnership agreement.
Any thoughts?

auntyitaly Wed 16-Sep-09 13:08:10

Have a look at this brilliant new website - LawDonut. It gives free legal advice to small businesses, and was set up by Google and a manner of legal experts countrywide.

Pingpong Wed 16-Sep-09 21:29:20

thanks will go and look at that now

malfoy Wed 16-Sep-09 21:32:03

I think the bank would prefer a pship because it is less risky for THEM.

You will need accs in any case for a pship for tax purposes.

MrAnchovy Sun 20-Sep-09 00:10:34

Er, the "law donut" was not set up by google or legal experts, it is a marketing exercise by these people.

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