Limited Liability Partnerships Act 2000: Primary legislation governing the formation, operation and regulation of Limited Liability Partnerships in the UK. Essential for understanding the legal framework within which guaranteed payments can be made.
Partnership Act 1890: Although primarily for traditional partnerships, contains fundamental partnership principles that may apply to LLPs, particularly regarding member relationships and profit distribution.
Companies Act 2006: Contains relevant provisions regarding member duties and corporate governance that may impact guaranteed payment arrangements in LLPs.
Income Tax Act 2007: Crucial legislation for understanding the tax treatment of guaranteed payments to LLP members, including how these payments are assessed for income tax purposes.
Corporation Tax Act 2009: Details the corporate tax implications for LLPs and how guaranteed payments affect the entity's tax position.
Finance Acts (Various): Current and applicable Finance Acts that determine tax rates and specific rules affecting guaranteed payments in LLPs.
National Minimum Wage Act 1998: Relevant when structured guaranteed payments might be construed as employment income, ensuring compliance with minimum wage requirements.
Employment Rights Act 1996: Important for ensuring guaranteed payment arrangements don't inadvertently create employment relationships with associated rights and obligations.
HMRC Partnership Taxation Guidelines: Official guidance from HMRC on how partnerships and LLPs should handle taxation matters, including treatment of guaranteed payments.
Common Law Fiduciary Duties: Case law principles regarding fiduciary duties of LLP members that must be considered when structuring guaranteed payments.
Contract Law Principles: General principles from case law governing contract formation, terms, and enforcement that apply to guaranteed payment agreements.
