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Limited Company Formation

Registering an LLP (Limited Liability Partnership)

A Limited Liability Partnership (LLP) shares many of the features of a normal partnership - but it also offers reduced personal responsibility for business debts. Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners. LLP's are only recommended for profit running businesses.

Individuals or existing businesses can be members of a Limited Liability Partnership, and the LLP must have a minimum of 2 members. The LLP would select a Designated Member(s) who would be responsible for maintaining communications with Companies House, preparing accounts and acting for the LLP if for some reason it is dissolved further down the line.

The designated member often appoints us as Company Secretary to make sure everything is done on time. Many of our clients combine this service with our accounts and payroll service, as a complete service allows you to get on with running your business and leave the paperwork to us.

Tax Matters

All of the profits in a LLP would be split amongst the members. The tax liability falls on the individual members, not the LLP itself. Most members are likely to be self-employed, so all income should be declared via self-assessment. If an LLP member is another business, they will be liable to pay corporation tax on any income they receive from the LLP.

A "nominated" member of the LLP will be responsible for informing the Inland Revenue of the LLP's existence and for filling in the annual Partnership tax return. This return will also contain a "Partnership Statement" which shows how profits have been divided up amongst the members.

Should the LLP generate an income of £67,000 or more, like other company structures as of the 01/04/2008 they should register for VAT. If they have employees, the LLP should set up a PAYE system to collect income tax and National Insurance contributions.

Registered office facility available and Company Secretary service available for existing companies.

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