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A Limited Liability Partnership (LLP) is an alternative corporate business structure that has the benefit of limited liability for its members, like a limited company, and is a separate legal entity in its own right, meaning that it can contract and own assets etc. on its own behalf. At the same time, however, it also allows its members the flexibility to organise their internal structure to resemble a traditional partnership. It therefore has both corporate and partnership characteristics.
Regardless of its name, an LLP is not a partnership and partnership law does not generally apply to it. LLPs are broadly governed by the Limited Liability Partnership Act 2000 (as amended by various regulations), the Companies Act 2006 and the Insolvency Act 1986.
This allows you to manage your existing companies and incorporate new ones without needing to re-enter the information. Click here to learn more.
We have partnered with an accountancy firm that specialises in providing accounting services to new businesses. This accountancy firm will send you a welcome e-mail within 2 working days of your company being incorporated.
You may then arrange a consultation with the firm, via Skype, e-mail or telephone, which is free for the first 30 minutes. The purpose of this initial consultation is to introduce you to their services and to let you discuss your accounting and taxation concerns.
* Please note that you should negotiate your fees with the accountancy firm directly.
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* As soon as your company is registered, we will provide you with promotional links to access the offers.
We provide a choice of up to 8 business bank or payment institution accounts, including ANNA, Barclays, Cashplus, CountingUp, Mettle and Tide, each of which has an easy online application process.
Our system will show you the banking options available for your business when you complete your company formation order. Simply select your preferred choice, and we will pass your details to our banking partners to contact you.
Learn more about how to open a business bank account* This offer is available only for companies with directors and shareholders who are all residents within the UK. Non-residents of the UK should check the options available within our Packages for Non-Residents.
A Limited Liability Partnership is commonly used by industry professionals who normally work in partnerships, such as solicitors, architects and accountants, but who wish to protect their personal finances by way of limited liability.
A Limited Liability Partnership must have at least 2 members, i.e. partners, in order to be registered with Companies House. There is no upper limit to the number of members that an LLP may have.
At least two of the partners, however, must be “designated members”. These designated members have the same rights within the LLP and duties to it as any other member, although the law does also place extra responsibilities upon them. In particular, designated members are responsible for:
It is up to the members of the LLP to decide who should be appointed as designated members.
Unlike limited companies LLPs do not have a memorandum or articles of association. Although having a written Partnership Agreement is not a legal requirement, it is essential if the LLP members want to contribute capital and/or share business profits in any way other than equally. This can also help to avoid any disputes over partners' rights.
LLPs do not need to provide a copy of their Limited Liability Partnership Agreement to Companies House.
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