Glossary
| Term |
Description |
| Salaried Partner |
a partner who does not have an equity stake in the partnership. They tend to be employed and therefore need an indemnity from the equity partners to cover them for the liability they have. They are schedule E for income tax. It is possible to have Salaried Members in a LLP. |
| Schedule D |
Income tax paid by the self employed. It is often more tax efficient as expenses can be offset againt profits. Members of LLPs, Equity Partners and Fixed Equity Partners of General Partnerships are Schedule D. |
| Schedule E |
Income tax paid by employees. It will be paid by Salaried Partners. |
| SDLT |
Stamp Duty Land Tax payable on the transfer of land or the granting or assignment of a lease. |