Limited Liability Partnership - LLP
Limited Liability Partnerships incorporated within 4 days.
What is the difference between a limited liability partnership and a limited company?
The main difference is that a limited liability partnership has the organisational flexibility of a partnership and is taxed as a partnership. In other respects it is very similar to a company.
Can the LLP be used to head up an international trading group?
Yes. We have extensive experience of using this type of structure including with the British tax service (HMRC).
Who can form a limited liability partnership?
The Act generally allows two or more persons associated for carrying on a lawful business with a view to profit to form a limited liability partnership by subscribing to its incorporation document. (In law, 'person' includes individuals and companies.) However, limited liability partnerships are not available for all activities such as non profit making activities.
Suitable for new and existing partnerships wishing to obtain limited liability status, and aimed particularly at professional partnerships such as accountancy and solicitors firms. Incorporation is a very simple process.
Please note that you must complete and send us a form LLP2, which you can download from our downloads page or we can send it to you separately. We will then ensure that the requirements of the Registrar have been met and submit the necessary documentation to Companies House to incorporate the new LLP. For more information see our guidance.
- A new type of structure introduced in 2001 in the UK.
- Suitable for new and existing partnerships wishing to obtain limited liability status.
- Aimed particularly at professional partnerships such as accountancy and solicitors firms.
- Maintains tax status of a partnership.
- Members have limited liability.
- Suitable for most commercial business activities.