Small Businesses 'Overlooking' LLP Structure

SMEs across the region could be missing out on a whole host of financial and motivational benefits by failing to consider limited liability partnerships (LLPs). According to Lisa Richards, Partner - there is a widespread lack of awareness amongst business owners about the benefits that the LLP structure can bring to businesses of all sizes and market sectors.

A recent survey of businesses with various legal structures revealed that 90% of respondents had not reviewed the structure of their business since formation. And of those that have, the majority said that they have never considered a limited liability partnership (LLP) as a feasible option.

Business owners often assume that the LLP structure only applies to the professional service sector such as lawyers and accountants and isn't relevant to most small businesses.