An LLP is a limited liability partnership, a UK business structure registered at Companies House. It combines the flexibility of a traditional partnership with a key feature of a limited company: the members generally are not personally liable for the LLP's debts beyond their agreed contribution.
How it differs from other structures
- Unlike an ordinary partnership, members have limited liability.
- Unlike a sole trader, the LLP is a separate legal entity from its members.
- Like a limited company, it is registered and files information at Companies House.
Why it matters for borrowing with us
Credicorp lends only to UK limited companies and LLPs for genuine business purposes. We never lend to individuals or sole traders. An LLP qualifies because it is a registered business entity, and the borrowing is to the LLP itself rather than to its members personally.
As an exempt business lender, our lending sits outside the FCA consumer-credit regime, so the Financial Ombudsman Service and FSCS protection do not apply. We do not take personal guarantees from members; the facility is to the LLP.
If your LLP is exploring finance, the amount, rate and terms that apply to a Credicorp Flex or Credicorp Slice facility are set out in your offer, and we assess affordability first.
See also: Can an LLP apply the same way as a limited company?, Can an LLP apply for Credicorp Flex or Slice?, What is joint and several liability?.