A limited liability partnership is a new form of legal business entity with limited liability
A UK LLP can have at least two or more members (partners) with equal responsibilities. The profit of an LLP is divided between the partners in proportion to their participation in the LLP. Details of all UK LLP members must be recorded with the Companies House and therefore are available to the public.
A UK LLP must have at least two, formally appointed, Designated members. Designated members have the same rights and duties towards the LLP as any other member. However, they are responsible to perform specific rights and duties (like signing the Company Accounts, signing any changes on forms for Companies House, and signing the company Annual return) on behalf of the LLP.
What are the steps to forming an LLP
Bank account opening
For UK IBC we can also assist you with the bank account opening in the UK or internationally. For more information please visit our page Bank Accounts.
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Frequently asked questions
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, it includes the island of Great Britain (the name of which is also loosely applied to the whole country), the northeastern part of the island of Ireland, and many smaller islands.
The United Kingdom is a unitary state under a constitutional monarchy. Queen Elizabeth II is the head of state of the UK as well as the monarch of fifteen other independent Commonwealth countries. The monarch has “the right to be consulted, the right to encourage, and the right to warn”.
The UK has a parliamentary government based on the Westminster system that has been emulated around the world: a legacy of the British Empire. The parliament of the United Kingdom meets in the Palace of Westminster and has two houses: an elected House of Commons and an appointed House of Lords. All bills passed are given Royal Assent before becoming law.
The main features of limited liability partnerships are that they have organizational flexibility but are taxed as partnerships. In many other respects, they are very similar to companies.
The partners in an LLP aren’t personally liable for debts the business can’t pay – their liability is limited to the amount of money they invest in the business. Partners’ responsibilities and share of the profits are set out in an LLP agreement. The law states that a trade, profession, or business conducted by an LLP shall be treated as though carried out in partnership by its members. The effect of this is to ensure that members of an LLP are taxed as though they are partners in a partnership.
Nominee service is available and is consisted of two designated members/partners.
Please note that the LLP will be required to file a corporate tax return annually (though no tax is payable by the LLP) and an abbreviated balance sheet from the accounts. The advance quotation will be possible after receiving relevant bank statements etc at the year-end.
If the company’s turnover is in excess of 5.6 M GBP or the assets value is more than 2.8 M GBP, then an audit is required and we can recommend a professional firm of accountants.
- Certificate of Incorporation
- Appointment report
Company House will hold on public records only the names of the Members, which are commonly offshore entities.
There are restrictions on Trading for specified categories, which include banking, insurance, financial services, consumer credit-related services, and employment agencies.
For UK LLP we can assist you with the bank account opening internationally. The banks we cooperate with are reliable financial institutions with a long tradition in private and corporate banking. Our clients are provided with excellent customer service, online banking, Visa and/or Master cards, and other services, such as factoring, foreign exchange, savings, and specialized banking solutions.