New Company Packages
- Limited Company Formation Packages
- Guarantee Company Formation
- Public Limited Company Formation
- Property Management Company
- Commonhold Association Formation
- Limited Liability Partnerships
- Offshore Company Formation
- Charities
- Company Formation for Overseas Residents
- Northern Ireland and Scottish Companies
- Community Interest Companies
- Ancillary Services
- Legal Advice and Consultancy
- Trademark Registration
- Third Party Services
- Frequently asked questions
- What is a Limited Liability Partnership?
- What is the purpose of a Partnership Agreement?
- What is the difference between a UK limited liability partnership and a UK limited liability company?
- Who can form a limited liability partnership?
- Who will be liable for the Limited Liability Partnership?
- A registered office is required in order to incorporate an LLP - what is it?
- What is the minimum number of designated members a limited liability partnership requires?
- What is the difference between a member and a designated member?
- What are the disclosure requirements of a Limited Liability Partnership?
- Does a Limited Liability Partnership have a constitution in the form of Memoradum and Articles of Association like a company?
- How will a Limited Liability Partnership be taxed?
Limited Liability Partnership Frequently Asked Questions
What is the difference between a member and a designated member?
With the agreement of the other members, a member may become a designated member at any time. Designated members have the same rights and duties towards the limited liability partnership as any other member. These mutual rights and duties are governed by the limited liability partnership agreement (which we recommend you have drawn up) and the general law.
However, the law also places extra responsibilities on designated members. In particular, designated members are responsible for:
- appointing an auditor (if one is needed)
- signing the accounts on behalf of the members
- delivering the accounts to the Registrar
- notifying the Registrar of any membership changes or change to the registered office address or name of the limited liability partnership
- preparing, signing and delivering to the registrar an annual return (Form LLP363a)and acting on behalf of the limited liability partnership if it is wound up and dissolved
- Designated members are also accountable in law for failing to carry out these legal responsibilities
