I’ve long argued for the contention in the title of this blog. I am convinced legal limited liability is a privilege – after all, if people sign a piece of paper to form a company they no longer have to accept full responsibility for their debts. That’s an extraordinary state of affairs, and a massive privilege. But I think that, like all responsibilities, this one comes at a price. The price is to say who you are i.e. to disclose who really owns the company and who really runs it, as well as to say what you do i.e. to put true and fair accounts on public record.
This does not apparently apply to the taxes paid by LLPs. Says the man who runs his tax campaigning organisation through an LLP.