A LLP is very similar to an ordinary partnership in the way it operates, the main difference being that each partners' liability is limited to the amount of funds that they have invested into it.

Benefits:

		the partners are not liable to for the debts of the company, except to the extent of the investment that they have made in to it
		lower rate of taxation on the company profits
		profits are distributed to partners through dividends which are not subject to NI

Responsibilities:

		must be registered with Companies House
		must have at least one partner
		accounts must be filed each year with Companies House
		accounts must also be filed with HM Revenue & Customs - a tax return must be filed with HM Revenue & Customs
		an annual return must be filed with companies House - employees, including partners, must pay income tax and national insurance contributions (class 1), based on their earnings.