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In Reply to: RE: The MQA Revenue Plan posted by Isaak J. Garvey on June 12, 2017 at 10:40:38
I'm glad I don't work for a publicly-held company, where one's financial information is open to inspection for all.
As always, strictly my personal opinion and not necessarily those of my employer or hair stylist.
actually, MQA Ltd. is a private limited liability company.
It would appear that US and UK law differs on this point. No privately-held company is bound by US law to disclose their income, expenses, and working capital in the way that MQA apparently is.
Yes, it seems so.
"The United Kingdom is one of the leading financial and business centres of the world. It is a significant jurisdiction for international tax planning. This country is known worldwide as a jurisdiction with a standard level of taxation. However, UK legislation provides the opportunity for incorporating and operating companies with a zero rate of tax by means of the Limited Liability Partnerships (LLP).
An English LLP with foreign members, which does not carry on a business in the UK and derives no income on UK territory, is not liable to tax in the UK. According to the tax laws of the Great Britain, a LLP is not considered as a separate subject of taxation. The founders should pay taxes from the profits received by the LLP in their place of residence in proportions according to their share of interests belonging to them in the LLP.
As an example, an English LLP which has as members one Belize company and one BVI, which receives the income only outside of Great Britain, will not be assessed for tax. Taxes will be paid by the members in their country of their residence if it is stipulated by the legislation of that particular country.
The favourable tax regime of LLP companies does not remove the requirements for filing of financial statements. Every LLP is obligated to file financial statements with Companies House each year, and the relevant Partnership Tax return must be filed annually with HMRC (Her Majesty Revenue & Customs)."
The last paragraph probably is the reason the filings must be done and are of public record.
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