Can one open a LLP with the sole purpose/objective of trading where only the partners use their own money for trading and the money is not lent out to anyone ?
Yes, you can. Your deed will have to mention the trading clause clearly.
What are tax reputations.
Hi, @VM1 could you suggest procedures?
Sorry, what procedures do you want me to suggest? If its about how to setup an LLP, I suggest you contact a Chartered Accountant.