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can 1 partner of an limited liability partnership be another llc?
Lighthouse_in_the_dark
Posts: 177 Forumite
in Cutting tax
Can 1 partner of an limited liability partnership be another llc?
And if so would it be faced with double the amount of corp tax?
And if so would it be faced with double the amount of corp tax?
0
Comments
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Limited Liability Partnerships are treated the same way as any other partnerships for tax purposes. The partnership, itself, is not chargeable to tax but the partners are.
http://www.hmrc.gov.uk/manuals/bimmanual/BIM72115.htm0 -
LLCs are not common in the UK; but yes an LLC incorporated anywhere in the world could be a corporate member of a UK LLP.
A UK LLP is not a partnership; but under UK law treated like a partnership for UK tax purposes. An LLC would not be treated as a partnership for UK tax purposes (no matter how it is treated in other jurisdictions).0
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