LLP - Limited Liability Partnerships
LLP’s also known as Limited Liability Partnerships were introduced in the United Kingdom in 2001. They are popular because a Limited Liability Partnership gives benefits of limited liability, but allow its members the flexibility of organising their internal structure as a traditional partnership.
What is an LLP?
It is an alternative corporate business vehicle that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership. The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the members will be limited.
When were they introduced?
The Limited Liability Partnerships Act 2000 and Regulations 2001 came into force on 6 April 2001.
What type of organisation can become an LLP?
Any new or existing firm of two or more persons can incorporate as an LLP.
Can LLP's be incorporated in Scotland, as well as England & Wales?
Yes, we incorporate LLP’s in England and Wales and Scotland.
Can a Limited Company convert to an LLP?
The LLP legislation does not allow for a ‘conversion process’ – in the way that a limited company can convert to PLC status under the Companies Act, for example. We can assist you with transferring your current limited company name to an LLP. The process will involve a closely controlled company change of name and an LLP incorporation.
What are LLP disclosure requirements?
They are similar to those of a company. LLPs are required to provide financial information equivalent to that of companies, including the filing of annual accounts, and confirmation statements.
How are LLP's taxed?
An LLP is taxed as a partnership. The internal structure of the LLP is similar to that of a partnership. The members provide working capital and share any profits. Income derived by the members from the LLP will be closer to that of a partnership than to the dividends paid by companies.
Price and Fees
Registration of a Limited Liability Partnership which includes checking name availability and suitability, preparation of documents, appointment of members, unlimited advice.
An LLP must have a registered office within the United Kingdom. This is the official address of the Partnership, it does not have to be a trading address, and the Partnership does not have to maintain a presence at the address.
Help & Advice
If you have any questions or would like any help or advice please contact us. We will be pleased to speak with you, and happy to answer any questions that you may have. Please contact us with us your questions or comments. If you prefer to speak to us our telephone number is +44 207 856 058