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Advice is required on removing a company from a limited liability partnership.
My client is a limited liability partnership (LLP) with two individual partners (A and B) and a corporate partner (C Ltd). A and B are the shareholders of C Ltd.
A and B would like to wind up C Ltd because the rules that came in in April 2014 prevent them extracting profit tax efficiently from the LLP through C Ltd by way of dividends.
However the balance sheet of C Ltd is causing me some confusion. The company has a £70 000 investment asset in the LLP and this is reflected in the £70 000 capital account of C Ltd on the LLP’s books. The rest of the LLP balance sheet has a debtor of £5 000 owed by the partnership to the company and there is about £15 000 in the bank.
My questions are as follows.
- How should I deal with the £70 000...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
