For those businesses that wish to trade as a Partnership but would like limited liability protection our Limited Liability Partnership package will provide you with what you require. We are able to provide you with a free draft LLP agreement to review but it is recommended that you obtain legal advice and ensure a formal LLP agreement is prepared to deal with your exact requirements.
Your LLP will be processed within 3 hours and upon incorporation we will send out your official documents both electronically and by post.
|Digital Draft LLP agreement to review|
|Digital and Printed Certificate of Incorporation|
|Digital and Printed Company Register with first entries|
|Digital and Printed copies of a formal LLP agreement where agreed|
|Companies House Filing Fee £10|
|Hardback binder with dividers to hold your documents|
|Registered Office Address in London (annual service)||£60|
|Members Service Address in London (annual service per Member)||£30|
|Confirmation Statement (preparation and submission)||£30|
|Partnership Registration with HMRC||£30|
|Introduction to Accountant||FREE|
** Please note we have a legal obligation under the Anti-Money Laundering regulations to obtain proof of ID for any customers who use our address services. Please refer to our FAQ’s to check what information will be required.
A Limited Liability Partnership (LLP) is a Partnership that provides limited liability to its members, subject to any other agreements that may be in place for personal liability. This means that the assets of the individual members are protected and not at risk as they would be under a normal Partnership. It is taxed under the same regime as a normal partnership but in other areas it is very similar to a limited company. A LLP is subject to the Limited Liability Partnerships Act 2000 (in England, Wales and Scotland) and the Limited Liability Partnership Act 2002 in Northern Ireland. It has the same filing responsibilities in respect of accounts and annual return as a limited company.
The main reason other than the limited liability for the Partners that an LLP is chosen over a limited company is the division of profits. Within a limited company the profit sharing is determined by the share-holding and this can be quite rigid. Whereas within a partnership agreement the profit share can be more flexible and determined on a year by year basis. LLP’s are most suited to professions where flexible partner structures are necessary such as accountants, solicitors, architects, dentists and other consultant based businesses. If you are considering whether an LLP or Limited company is the best route for your business we would advise that you seek professional advice from a qualified accountant.
You need at least 2 parties to act as partners, referred to as members, and there is no maximum number. One of the parties has to be a “natural” person and the other could be a limited company. Partners do not need to be UK resident. As an LLP is a more complex structure than a normal limited company we would recommend that you obtain advice from a professional qualified accountant if you require advice on the structure. Please contact us if you would like us to put you in contact with a qualified Accountant
The addresses that need to be provided are the same as with a Limited company and includes a Registered Office address and a service address for each of the Members. These are the addresses which will be on public record. Members can opt to use a different address to their residential address and this could be the registered office or an alternative as long as they can be contacted there on official Partnership business. Same-Day Company Services can provide a London address as both the Registered Office and as a Service address as an additional service.