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LLP member incorporating

individual transferring ownership in LLP to Ltd company

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LLP has two members currently, one a Limited comapny the other an individual. The two are otherwise not connected.

The individual would like to tranfer his share in the LLP to a newly formed company which he will own with his wife. this is not something I have dealt with before, what is required and are there any tax implications? Is a new members agreement required and is this compulsory?

The LLP owns a residential property and its trade is that of management consultancy.

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05th Dec 2017 12:40

What's the purpose? Because I already know that it doesn't achieve it.

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By Jigs
to Portia Nina Levin
05th Dec 2017 16:46

Hoping that the profits of the LLP will now be subject to corporation tax rather than income tax?

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to Jigs
05th Dec 2017 16:54

That boat sailed four years ago.

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By Jigs
06th Dec 2017 08:34

thank you, how about ones where the structure was already in place prior to 2013? i.e can the Limited company still be taxed on the profits now even though the rules have changed?

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to Jigs
06th Dec 2017 12:38

The only time the rules won't bite in this sort of situation is where the partnership existed as at 5 December 2013, with the company being a member on that date, and the individual not being a member on or after that dat.

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