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View the related checklists about Limited Liability

Choice of business vehicle—tax comparison table

Choice of business vehicle—tax comparison table This table compares the tax treatment of: • sole traders • partnerships (which in this table includes general partnerships, limited liability partnerships and limited partnerships), and • companies This table does not consider any reliefs or exemptions which may be available to particular taxpayers or any anti-avoidance provisions which might apply to particular circumstances. For the rates and thresholds applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances. For further details about the tax treatment of each type of business vehicle, see Practice Note: Forms of business vehicle—tax summary. For further details on the choice between the types of business vehicle, see Practice Note: Tax influences on choice of business vehicle. Point of comparison Sole trader Partnership Company Tax treatment No separate taxable entity—sole trader taxed as individual with trading activity No separate taxable entity—partner taxed as individual on a notional trade representing his share of the partnership Separate taxable entity—company taxed on all...

Limited liability partnerships—application of Companies Act 2006 to LLPs—checklist

Limited liability partnerships—application of Companies Act 2006 to LLPs—checklist The majority of law applicable to limited liability partnerships (LLPs) is actually modified company law rather than partnership law. The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009, SI 2009/1804 (2009 Regulations) apply many parts of the Companies Act 2006 (CA 2006), with appropriate modifications, to LLPs. The 2009 Regulations also apply Parts 1, 2, 3 and 5 of the Companies (Cross-Border Mergers) Regulations 2007, SI 2007/2974 to LLPs. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (2008 Regulations) apply parts of CA 2006 in relation to accounts and audit to LLPs with appropriate modifications. This Checklist sets out those provisions of CA 2006 that are applied to LLPs pursuant to these regulations. Companies Act 2006 (CA 2006), section Statutory instrument applying CA 2006 provision Subject Part 2—Company formation CA 2006, s 12A 2009 Regulations, SI 2009/1804, reg 3A (link accessible within SI 2009/1804, reg 4) (inserted by SI 2016/340, reg 5 and SI...

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Forming a limited liability partnership—flowchart

Forming a limited liability partnership—flowchart This Flowchart considers the conditions that need to be met

View the related practice notes about Limited Liability

Ireland—Parties to an action

Ireland—Parties to an action STOP PRESS: SI No 14/2025 Rules of the Superior Courts (Guardian ad litem and next friend) 2025 (Ireland) amends Order 15 of the Rules of the Superior Courts (RSC) to provide the procedure for appointment of a next friend for a child plaintiff and of a guardian ad litem for a child defendant. This Practice Note will be updated shortly to reflect the relevant changes. Scope of this Practice Note This Practice Note provides an overview of the types of parties who may become involved (whether as plaintiff, defendant, third parties or notice parties) in civil litigation in Ireland, and the key procedural issues and practical considerations of which their legal advisors should be aware. It deals with the following types of party: corporations, partnerships, sole traders, minors, persons who lack capacity, the estate of a deceased party, State parties, notice parties, amicus curaie and litigants in person. This Practice Note also deals with the procedure for joining a party to proceedings, removing or substituting...

Wales: Land transaction tax (LTT)—administration and compliance

Wales: Land transaction tax (LTT)—administration and compliance Land transaction tax (LTT) replaced stamp duty land tax (SDLT) in Wales with effect from 1 April 2018. This Practice Note highlights the administrative and compliance issues in relation to LTT including: • filing returns and payment • managing and collection of LTT by the Welsh Revenue Authority (WRA) • amendment and correction of returns • enquiries • assessments • penalties Where relevant, comparisons between LTT and SDLT are highlighted. The Practice Note expands on the basics of LTT set out in the Practice Note: Wales: Land transaction tax (LTT)—the basics. Provision for LTT is contained in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (LTTADT(W)A 2017). Statutory references are to the LTTADT(W)A 2017 unless stated otherwise. Administration LTT is administered by the WRA. The WRA is a non-ministerial department of Welsh Government with its own board and staff. The WRA is headquartered in Merthyr Tydfil. LTT returns When a notifiable land transaction has been entered...

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Ireland—Execution clause—limited partnership—deed

Ireland—Execution clause—limited partnership—deed Execution clause—limited partnership (Ireland)—Deed (drafting notes) These precedent execution clauses are for use by a limited partnership entering into a deed (rather than a simple contract). Four alternative execution clauses are given for a deed executed by: • an individual general partner in the presence of a witness • a person at an individual general partner’s direction given in the presence of a witness who attests the signature • an individual general partner whose signature is acknowledged by them in the presence of a witness who attests the signature • a corporate general partner Limited partnership The Limited Partnership Act 1907 (Ireland) (LPA 1907 (IRL)) provides for the creation of a partnership in which some partners have limited liability for the debts of the firm. Their liability is limited to the extent of their contribution. LPA 1907 (IRL), s 4 provides that a limited partnership must consist of at least one general partner and one limited partner. The partnership should not generally consist of more than 20...

Privacy notice for trustees—UK GDPR compliant

Privacy notice for trustees—UK GDPR compliant We take your privacy very seriously. Please read this privacy notice carefully as it contains important information on who we are and how and why we collect, store, use and share your personal data. It also explains your rights in relation to your personal data and how to contact us or supervisory authorities in the event you have a complaint. We collect, use and are responsible for certain personal data about you. When we do so we are subject to the UK General Data Protection Regulation (UK GDPR). [We are also subject to the EU General Data Protection Regulation (EU GDPR) in relation to individuals [and our wider operations ]in the European Economic Area (EEA)]. Key terms It would be helpful to start by explaining some key terms used in this notice: We, us, our [Insert full legal name of all the trustees or, if the trustees are a professional firm, insert the firm’s name (if acting...

View the related q&as about Limited Liability

Is it possible to take security on the hull/fittings of a house boat?

Is it possible to take security on the hull/fittings of a house boat? Nature of the houseboat The type of security that may be taken will depend on the nature of the particular houseboat (ie whether it is considered a ship or a chattel). Under section 313(1) of the Merchant Shipping Act 1995, the definition of a ship ‘includes every description of vessel used in navigation’. It is not clear from the information received whether this applies to the particular houseboat. In considering the position, you may also find the cases of Environment Agency v Gibbs and Chelsea Yacht and Boat Co Ltd v Pope helpful, as these look at the definition of a vessel and the status of houseboats. Security if houseboat considered a ship/vessel The UK Ship Register is maintained by the Maritime and Coastguard Agency (MCA) and is divided into four parts: • Part I—merchant vessels and pleasure vessels or yachts over 24 metres in length • Part II—fishing vessels (either by...

Can a local authority (district council) be appointed as a company director?

Can a local authority (district council) be appointed as a company director? Company law perspective The Companies Act 2006 (CA 2006) distinguishes between two types of legal entity that might serve as a company director, namely an 'individual' (CA 2006, s 163) or 'a body corporate, or a firm that is a legal person under the law by which it is governed' (CA 2006, s 164), and requires that certain specific particulars of each type need to be recorded. Examples of the sort of entity envisaged by CA 2006, s 164 include another company or limited liability partnership, whereas a general partnership would not qualify as it is not a legal entity in its own right. Therefore, if a specific local authority is treated in law as either type of legal entity, then it would appear that it can be a company director in its own name (as opposed to simply putting forward one of its employees to serve as a director on an associated or arms...

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Irish court says US Co’s Irish units not owed treaty benefits

Law360, London: Three Irish subsidiaries cannot benefit from the US-Ireland tax treaty's provision of equally favorable treatment between US and Irish residents because their ultimate parent entity, a Delaware financial firm, is disregarded for US tax purposes, Ireland's Court of Appeal said in a judgment.

Competition weekly highlights—29 May 2025

This week's edition of Competition weekly highlights includes, from a UK perspective: (1) the CMA’s decision to accept Vifor’s commitments to end an abuse probe into disparaging treatment in the iron treatment market, (2) the Court Appeal judgment dismissing appeal against the CAT’s judgment on limitation in claim for damages against participants in citalophram ‘pay for delay’ cartel, and (3) the CAT’s rulings on jurisdiction and collateral waive application in abuse of dominance claim against Microsoft. This week’s highlights also includes, from an EU perspective: (1) an AG’s opinion concerning a national reference from Romania on retroactive application of an EU Regulation corrected in a State aid dispute.