A Limited Liability Partnership affords a “traditional” partnership limited liability. What differentiates an LLP from a limited company is that an LLP has the organisational flexibility of a partnership and is therefore taxed as a partnership.
A minimum of two members are required to form an LLP, but there is no limit on the number of members. Corporate or natural persons of any residency or Nationality can be members. A member cannot generally be an employee of the firm. At all times, at least two of the members must be “designated” members. You would need to specify whether all the members are “designated” members or whether only certain members are to be called “designated”. The designated members are responsible for complying with the statutory obligations. If there are fewer than two designated members then every member is deemed to be 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 LLP as any other member. The LLP agreement and the general law govern these mutual rights and duties. The LLP agreement is not filed at Companies House and therefore is not on public record.
The company enjoys protection of its name.
The mutual rights and duties of members of an LLP are specified by the agreement between the members, or between the LLP and its members. In the absence of such an agreement, these rights and duties and the relationship between members or between the members and the LLP are governed by the default provisions in the LLP Regulations.
It must have a registered office in England or Wales, which we can provide. If it is incorporated in Scotland it must have a registered office in Scotland which we can provide if required.
The company must file an annual return and accounts each year, these are on public record.
On stationery it must show the full LLP name, registration number and registered office. You do not have to show the members names, but if you show one you must show them all (except in the text of a letter as a signatory)
We can incorporate a company within 2 hours and we also provide the optional service of electronically appointing directors.
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