A Limited 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 registered partners.
Often 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 managed, including:
How profits are distributed between the members.
Who must agree to decisions.
Responsibility 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;
Registering the Partnership for self-assessment with HMRC.
Registering the Partnership for VAT if the annual turnover is expected to exceed £85,000.
Appoint an auditor, if necessary.
Maintain accurate records and bookkeeping.
Submit Annual Accounts and an Annual Return to Companies House.
Notify Companies 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 Agreement.
Each member is responsible for their own taxation, whether by HMRC self-assessment or via a foreign tax office.
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LLP Limited Liability Partnership
239.00 € *
- * excluding VAT