If you are considering forming a Limited Liability Partnership then our LLP incorporation service provides you with a professional execution and registration service.
Our simple online purchasing facility will capture all of the salient details we require to complete the necessary documentation.
We offer a selection of two LLP incorporation packages; the standard set-up service which provides a low cost option where a 5 day set-up is appropriate and the same day premium facility for more urgent incorporations.
Whichever registration option you choose, you can be sure that an experienced professional will handle your Limited Liability Partnership application from start to finish.
Our services for registering Limited Liability Partnerships are carried out by one of our fully Qualified Accountants who are experienced in registering LLPs and liaising with Companies House to ensure that all relevant information is included on the application.
Limited Liability Partnership Guidance
- What is a Limited Liability Partnership?
- What are the benefits and advantages of this type of business?
- Does a Limited Liability Partnership have shares?
- What are the statutory obligations for LLPs?
- Can an LLP have the same name as a UK company?
- Can an LLP change its name?
- What is a Designated Member of an LLP?
- Is a partnership agreement necessary for an LLP?
- Do Limited Liability Partnerships have a suffix?
- When registering an LLP, do I need a registered office?
- Can Limited Liability Partnerships be incorporated electronically?
1. What is a Limited Liability Partnership?
A Limited Liability Partnership is a business incorporated at Companies House consisting of two or more persons who share the profits of that entity.
2. What are the benefits and advantages of this type of business?
The main benefit of this type of business over a traditional partnership is that LLPs provide the owners with limited liability in the same way that a company does to its shareholders.
An LLP is a separate and distinct from the partners who own it and therefore can protect their personal wealth from the business’ creditors and others to whom it might owe money.
3. Does a Limited Liability Partnership have shares?
Shares only exist in limited companies. LLPs have partners and it is up to them how the profits of the business are divided among them. It is often the case that a partnership agreement is drawn up to lay down the profit sharing entitlement of each partner.
4. What are the statutory obligations for LLPs?
LLPs are required to submit an annual return in the same way that UK companies are. They also have obligations to submit their annual accounts to Companies House within 9 months of the end of their financial year.
5. Can an LLP have the same name as a UK company?
For the purposes of registering an LLP, the company name guidelines apply and thus the name of a Limited Liability Partnership must not be held on the Companies House register by an existing company or partnership.
6. Can an LLP change its name?
LLPs can opt to change their name in the same manner in which a company would do so.
7. What is a Designated Member of an LLP?
A Designated Member is a person or corporate body who accepts the duty to conduct the partnership’s statutory obligations. These would typically include: filing annual accounts, completion of the annual return and approving the business’ financial statements.
The successful incorporation of a Limited Liability Partnership mandates that at least two persons (or companies) hold themselves out to be designated members. Companies House will assume that all initial partners at the time the LLP is set-up are agreeing to act in this capacity unless information is given to the contrary.
8. Is a partnership agreement necessary for an LLP?
LLPs are not required to have a partnership agreement or other form of constitution by law; however it is common practice for the partners to draw one up.
The scope and detail of any such agreement may depend on the nature of the business and the participants. Common areas covered usually include: profit sharing arrangements, capital to be put in to the business, events which might trigger a dissolution of the partnership and so on.
A solicitor experienced in partnership matters would be able to provide guidance on both the content and structure of the document.
9. Do Limited Liability Partnerships have a suffix?
UK Limited Liability Partnerships must end with the letters LLP. This is the primary means of identifying this type of business entity.
10. When registering an LLP, do I need a registered office?
UK Limited Liability Partnerships are required to have a registered office in England, Wales or Scotland. This can be a business address; a third party's location or you can use our registered office address facilities at either Regent Street or York Street.
11. Can Limited Liability Partnerships be incorporated electronically?
There are currently no facilities available for Companies House to register LLPs electronically. The only methods available are to physically send the documentation to them for incorporation.
Our Cardiff office handles the formation of partnerships and based in the same city as the main Companies House registration service, can result in more efficient dispatch and receipt of paper incorporation documents. Back to Top.
