Members & Profit Allocation
The Limited Liability Partnerships Act 2000 came into force on 6 April 2001, it introduced a new form of legal entity known as a limited liability partnership (LLP). An LLP is a body corporate, with legal identity that is separate from its members (unlike a normal partnership).
By and large the accounting and reporting requirements for an LLP are similar to a limited liability company although an LLP has members not Shareholders. An LLP does not pay dividends but its members are rewarded by salaries and profit shares (allocations).
Note adding and maintaining details of LLP members is via the Personnel menu.
Control - Members & Profit Allocation
A fly-out menu then offers the following: -
- Add Fund Injection
- Screen to add a fund injection by an LLP member
- Add Fund Movement
- Screen to add a fund movements by an LLP member
- Profit Allocation
- Screen to manage profit allocations between LLP members