Liability Partnership (LLP) is a partnership under British law in which the
Partners can exercise control without foregoing the liability protection of a
Limited Company, and can also be structured in the same way as a partnership
for tax purposes.
An LLP construct
is ideal for keeping the names of Directors or People with Significant Control
secret, by the simple device of listing one or more Offshore Companies as
encountered in law firms for example;
allowing a German lawyer to practise in the country of LLP registration
in addition to Germany.
The LLP contract
You should draw
up an LLP contract, with all members involved in the drafting. This contract defines how the LLP will be
How profits are
distributed between the members.
Who must agree
of the members.
How members can
leave or join the LLP.
Although you can
do it yourself, a notary public can help you draft the contract.
As well as an
unlimited number of normal members, an LLP must have at least 2 'Designated
Members', who carry more responsibilities, including;
Partnership for self-assessment with HMRC.
Partnership for VAT if the annual turnover is expected to exceed £85,000.
auditor, if necessary.
accurate records and bookkeeping.
Accounts and an Annual Return to Companies House.
House of any change to Members, their names or addresses.
Act in the case
of a closure of the LLP.
All Members must
comply with their duties and legal responsibilities as described in the LLP
Each member is
responsible for their own taxation, whether by HMRC self-assessment or via a
foreign tax office.
your order, please complete the data entry form or contact GO SIMPLE.
LLP Limited Liability Partnership
239.00 € *
- * excluding VAT