The liability aspect of LLP incorporation in Northern Ireland: a regular limited company formation in North of Ireland establishes a clear element of liability between the business owners and the actual company, but incorporation of an LLP in Northern Ireland takes this concept one stage further. When a board of members take control of a business with an LLP structure, the actions of one individual member have a limited impact of other individuals on the board.
Although there may occasionally be an arrangement that requires one or more directors to have overall liability, an LLP reduces the risk of one member's negligence or misconduct having an adverse effect on the business. In the event that the worst happens, a Northern Irish limited liability partnership allows the board to 'distance itself' from any wrongdoing to a certain extent. If you want to know more about the liability aspect of LLP start-up in Northern Ireland, please contact us, Coddan Ltd representatives can be provided with an outline of the business in question before advising about the suitability of a North of Ireland LLP incorporation structure.