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).

Control - Members & Profit Allocation

A fly-out menu then offers the following: -

LLP Members
Lists details of LLP members, profit shares and drawings. Allows for amending of details
Add LLP Member
Screen to add an LLP member
Print Member Listing
Prints a report of LLP members
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