Is it time to convert to a limited liability partnership?

Although the limited liability partnership (LLP) has been around for more than ten years, it is a poorly understood vehicle and take-up among the IFA community has been low. The vast majority of IFAs continue to operate in corporate structures, which for many businesses results in an increased tax burden and organisational inflexibility. It is perhaps unsurprising that IFAs have been reluctant to take the leap. The use of a limited liability company is a well-trodden path with a clear distinction between management by the board of directors on the one hand and ownership by sharehol...