Fund managers were some of the most enthusiastic adopters of the limited liability partnership (LLP) model, which was introduced in the UK in 2001. LLPs combine the flexibility of a partnership with the advantage of limited liability, and have benefited from a beneficial tax regime for members. But have recent developments reduced their appeal?
What have been the benefits of the LLP structure?
Prior to April 2014 there was a presumption, for tax purposes, that LLP members were self-employed. Self
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