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Active Practice Update: Limited liability partnerships

Limited liability partnerships (LLPs) were introduced in 2001 to provide the flexibility of a partnership with the limited liability of its
members. They have proved very popular, particularly for professional entities.

A LLP must be distinguished from an ordinary partnership and the rare ‘limited partnership’.

For all types of partnership, the general rule is that tax is not payable by the partnership itself but by each partner. Each partner’s share of the partnership income is added to his or her other taxable income. The partner pays tax on the total of his or her earnings, including their share of the partnership profits.

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