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Conversion of an LLP to a Limited company

Conversion of an LLP to a Limited company

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Conversion of an LLP to a Limited company are the gains arising taxable on the partners as individuals or on the LLP?
Jack

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By Richiejjj
24th Mar 2006 14:34

Agreement
It would depend on the member agreement, could the ltd company not be set up as a member prior to disolving?

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By Paul Soper
27th Mar 2006 15:48

On the "partners"
The LLP is tax transparent and the gains will be the members gains unless it is placed into a formal process of winding-up or dissolution when it will be treated as a separate entity and become liable to CT on the gains, with corresponding double taxation in the member's hands.

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