In the interest of transparency, we feel it is only right that we should explain the downsides of switching to a partnership model…
Life is a little more complex as a member of an LLP, but we think this is a small price to pay.
For instance, partners are required to complete an annual tax return, though OC will do this on the behalf of partners.
Additionally, there are some legal agreements and government forms to sign as part of joining the LLP. OC will hand-hold members through this and any questions anyone has (see ‘Team members’ section of the Knowledge Base). LLP Members will need to maintain personal contact with OC if they leave the business, for whatever reason, so that everything can be kept tidy.
But that’s about it. There are no other negatives for joining the LLP. So, what are you waiting for?