Limited liability protects the member’s personal assets from the liabilities of the business. LLP’s are a separate legal entity to the members.
The operation of the partnership and distribution of profits is determined by written agreement between the members. This may allow for greater flexibility in the management of the business.
The LLP is deemed to be a legal person. It can buy, rent, lease, own property, employ staff, enter into contracts, and be held accountable if necessary.
Designate and non-designate members. You can operate the LLP with different levels of membership.
Protecting the partnership name. By registering the LLP at Companies House you prevent another partnership or company form registering the same name.