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UK-LLP

Updated time: Jun 30, 2015 , 12:56 (UTC+08:00)

UK-LLP

Introduction

A limited liability partnership is a new form of legal business entity with limited liability. The main features of limited liability partnerships are that they have organisational flexibility but are taxed as partnerships. In many other respects they are very similar to companies. The Limited Liability Partnership Act 2000 generally allows two or more persons carrying on a lawful business with a view to profit to form a limited liability partnership by subscribing to its incorporation document - Form LLP 2. (In law, 'person' includes individuals and companies.) However, limited liability partnerships are not available for all activities such as non profit making activities.

Law & Taxation

Limited Liability Partnership Act 2000. The Income and Corporation Taxes Act 1988 (as amended).

The members exemption from UK tax is only applicable provided that no business or trade is carried out with or within the United Kingdom.

The tax authorities in the United Kingdom have confirmed that the taxation base of a limited liability partnership will follow the procedure operated in the past for partnerships. The limited liability partnership itself will not be liable for taxation on profits or gains arising within the partnership, but the profits or gains will be assessed to tax separately on the individual partners.

In order to remain this status a limited liability partnership must be a commercial venture operating with a view to profit that is not in liquidation.

Corporate requirement.

Each Uk company must have a Registered Agent and Registered office in the United Kingdom, provided by a licensed service provider

Every limited liability partnership must at all times have at least two, & There can be an unlimited number of members.formally appointed designated members. (Designated members are analogous to the executive directors and the company secretary of a company).

Designated members are liable in law for failing to carry out these legal responsibilities. If there are fewer than two designated members then every member is deemed to be a designated member. (The limited liability partnership may have decided that all members will be designated members or that only some members will be designated).

With the agreement of the other members, a member may become a designated member at any time. Designated members enjoy the same rights and owe the same duties towards the limited liability partnership as any other member. These mutual rights and duties are governed by the limited liability partnership agreement and the general law. However, the law also places additional responsibilities on designated members.

All UK LLPs are required to file annual accounts with the Registrar of Companies which contain details of.

Our service

Offshorecompanycorp can incorporate a company with your choice of name and confirm the availability of names in advance. Full due diligenge requirement must be satisfied before we can proceed with incorporation. All company are provided with a complete company kit. We can assist client in obtaining certificates of corporate existence, as well as relevant post incorporation services.


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