Limited Liability Partnerships
Fees £61.00 (inclusive of companies house fees & vat)
Limited Liability Partnership documents we send you:-
Certificate of Incorporation of LLP
Certificate stating that the LLP has not traded nor incurred any debts
Form LLP287 - notice of change in situation of registered office
Forms LLP288c - notice of change of particulars of member
Form LLP225 - change of accounting reference date
A limited liability partnership (LLP) is similar to an ordinary partnership - in that a number of individuals or limited companies share in the risks, costs, responsibilities and profits of the business. The difference is that liability is limited to the amount of money they have invested in the business and to any personal guarantees they have given to raise finance. This means that members have some protection if the business runs into trouble.
Management and raising finance
Usually the members manage the business, but can delegate responsibilities to employees. Members raise money out of their own assets, and/or with loans
Records and accounts
The LLP itself and each individual member must make annual self assessment returns to the Inland Revenue. Every LLP must file accounts with Companies House. A "shuttle" annual return (form LLP363) will be sent to the LLP members before the anniversary of incorporation each year. It needs to be completed and returned to Companies House with the appropriate fee
Each LLP member takes an equal share of the profits, unless the members partnership agreement (which we recommend you have drawn up) specifies otherwise.
Tax and National Insurance
Members of a limited liability partnership are taxed on their share of profits and pay the tax and National Insurance contributions (NICs), according to their business structure. An individual will pay income tax and NICs, and a limited company member will pay corporation tax.
A partnership agreement is not compulsory when incorporating a Limited Liability Partnership. However we would strongly recommend that one be prepared either before or after incorporation. We can assist with this if required and will quote for the cost of drafting this upon request.