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A Family Partnership is suitable for families looking to put their investment business on a more professional footing, to bring the next generation into that investment business, and to benefit from the protection of limited liability.
It is particularly suitable for investment property (both commercial portfolios and small residential portfolios). It can also be used to hold share portfolios and other investment assets.
A Family Partnership is a Limited Liability Partnership (LLP) and would be registered at Companies House. It is a corporate body for legal purposes and therefore offers limited liability protection for the partners, also called the members.
An LLP directly owns its assets; for example, any property would be registered in the name of the LLP, and not in the names of the individual partners, at the Land Registry. The partners would typically be yourselves and one or more of the next generation.
Cornerstone Tax
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