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Limited Liability Partnerships (LLPs) FAQs
What is an LLP?
It is an alternative corporate business vehicle that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership. The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the members will be limited.
Any new or existing firm of two or more persons can incorporate as an LLP.
The LLP legislation does not allow for a 'conversion process' - in the way that a limited company can convert to PLC status under the Companies Act, for example. Anyone with a current limited company wishing to transfer their existing company name to a new LLP should contact the LLP Team Leader. The process will involve a closely controlled company change of name and an LLP incorporation. Establishing contact prior to submitting the necessary forms will help ensure that this process is completed as smoothly as possible.
What are the LLP disclosure requirements?
They are similar to those of a company. LLPs are required to provide financial information equivalent to that of companies, including the filing of annual accounts. Among other things, they are also required to:
What are the duties of a designated member?
Designated members are responsible for carrying out certain duties including some of those that would normally be carried out by a company director or secretary. They include such things as:
How much does it cost to register an LLP?
Registration of a limited liability partnership on its incorporation under the 2000 Act is £20.
Companies House can not give information on tax issues please contact HM Revenue and Customs.
No. LLPs are only available to any lawful business that is carried out with a view to a profit.
Companies House provide guidance to help you understand Limited Liability Partnerships
Please contact Companies House staff at the addresses below. You should note that staff can only give general guidance. They cannot speculate whether an LLP is the right vehicle for you and your business. You should therefore seek appropriate legal and professional advice.
For specific enquiries relating to England and Wales LLPs, please contact:Companies House
Tel: +44 (0)303 1234 500 (national call rate)
For specific enquiries relating to Scottish LLPs, please contact:Registrar for Scotland
Edinburgh Quay 2
Edinburgh EH3 9FF
LP - 4 Edinburgh 2 (Legal Post)
DX ED235 Edinburgh 1
For specific enquiries relating to Northern Ireland LLPs, please contact:Companies House
32-38 Linenhall Street
Northern Ireland BT2 8BG
DX 481 N.R. Belfast 1
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