Groups are a motley bunch

For the benefit particularly of all our new readers, Hempsons solicitor Kirsty Odell looks at limited liability partnerships, limited liability companies, expense sharing arrangements and traditional partnerships.

Consultants are increasingly joining together to work more collaboratively. This can ease the burden of working alone and being solely responsible for all costs and expenses. Working together can alleviate some of that pressure and assist in moving a business forward.  

There are many different business vehicles for this, each with different advantages and disadvantages.

Limited liability partnerships

A limited liability partnership (LLP) is a corporate entity. Members benefit from limited liability – so they cannot lose more than they invest. Unlike a traditional partnership, an LLP has its own legal status and can therefore enter into contracts in its own name.