Limited Liability Partnerships

Limited Liability Partnerships offer the individuals who own the entity all the benefits of operating as a partnership but with protection of limited liability. It is the LLP that is responsible for any debts and not the partners.

Popularity
As an LLP provides the flexibility of a partnership, they are particularly popular with professional firms such as Solicitors and Accountants. Other professionals including Chartered Surveyors, Architects and Dentists may also benefit from incorporation as a LLP.

Limited Liability Partnership Characteristics

• The LLP is required to file an Annual Return and Annual Accounts with Companies House.
• At least 2 of the Partners of the LLP must be ‘Designated Members’. Designated Members are the ones who bear the responsibility for meeting the statutory requirements of the LLP such as the preparation and filing of the Annual Accounts and the Annual Return.
• There is no requirement for a Memorandum and Articles of Association for an LLP. The Partners may however ensure that an agreement exists between the members in the form of a LLP Agreement. A basic LLP agreement is available from Company Formations 24.7.

How to Order
Please contact us and we will obtain the necessary information to ensure the formation of your LLP.