Register your Limited Liability Partnership in UK
A Limited Liability Partnership (LLP) in the UK is a business structure that combines elements of partnerships and corporations. It offers the flexibility of a partnership while providing limited liability protection to its partners.
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Goods and Bads
Limited Liability Partnership in UK comes with its own pros and cons which is very important for decision making purposes
Advantages
- Limited liability protection for partners
- Flexibility in management and profit distribution
- No requirement for a board of directors
- Separate legal entity status
- Tax transparency
Disadvantages
- Public disclosure of financial statements
- Annual compliance requirements
- Partners are taxed as self-employed
Process
Step by Step Process
Choose a Name
Select a unique name for your LLP that complies with Companies House naming requirements.
Designate Members
Designate at least two members (partners) for the LLP. Members can be individuals or corporate entities.
Prepare LLP Agreement
Draft an LLP agreement outlining the rights, responsibilities, and profit-sharing arrangements of the members.
Registration with the UK Government
Submit the incorporation documents to relevant authorities in specified forms.
Obtain an LLP Number
Receive the LLP registration number from relevant authorities upon successful incorporation.
Register for Taxes
Register the LLP for self-assessment, VAT (if applicable), and other relevant taxes with HMRC.
Tax and Compliances
Following are the Compliances that will be required
Taxation
LLPs are not subject to Corporation Tax. Instead, profits are taxed as income for the individual partners, who must report their share of the profits on their personal tax returns.
Annual Accounts
LLPs must file annual accounts with Companies House, which are available for public inspection.
Confirmation Statement
LLPs must submit a confirmation statement annually to ensure that Companies House records are up to date.
VAT Registration
If the LLP's taxable supplies and imports exceed the VAT registration threshold, it must register for VAT with HMRC.
Documents Required
Following are the documents that will be required
LLP Agreement
A legal document outlining the management structure, roles, and profit-sharing arrangements among the members.
Passport Copies
Copies of the passports of the members (partners).
Proof of Address
Utility bills or bank statements showing the address of the members (partners).
Deliverables
The service package includes a comprehensive list of deliverables which includes the following.
Certificate of Incorporation
LLP Agreement
LLP Registration Number
Registered Office Service
Tax Registration Confirmation
VAT Registration (if applicable)
Business Bank Account Setup Assistance
Client Testimonials
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