Limited Liability Partnership – limited liability like a Ltd, taxed like a partnership.
An LLP is a separate legal person registered at Companies House whose members are liable only up to their contribution. Unlike a Ltd, the LLP itself pays no Corporation Tax: profits are allocated to the members, who are taxed individually under the rules of their own country.
Who an LLP suits
- Consultants, advisers, architects, accountants and other professionals working together.
- Joint ventures between two or more companies or individuals.
- Holding and investment structures where tax transparency helps.
Requirements
- At least two members – individuals or companies – two of whom are designated members responsible for filings.
- A registered office in England & Wales, Scotland or Northern Ireland – we provide it.
- Identity verification of the members for Companies House – done remotely by us as an ACSP.
- A written LLP agreement covering profit sharing, decisions and exits is strongly recommended.
Annual obligations
- Annual accounts at Companies House.
- Confirmation Statement.
- Partnership tax return to HMRC where the LLP trades in the UK, plus figures for the members' own returns.