UK COMPANY FORMATIONS

LIMITED LIABILITY PARTNERSHIP (LLP)
The advantages to the owners of having an LLP is that they can benefit from having and organisation with limited liability whilst allowing the organisation to take advantage of the structure and taxation rules of a traditional partnership.

A member and a designated member.
The first members are those who signed the incorporation document.
Any other member can become a member by agreement with the existing members
Designated members in general perform the administrative and filing duties of an LLP

Disclosure requirements.
An LLP is required to notify changes of registered office; to display the company name; to have LLP details entered on stationery and the company seal; file an annual return; and to notify changes to members details and changes to charges.

Taxation
Profits of a LLP are taxed as if the business were carried on by partners in a partnership, rather than by a body corporate
Liability

The LLP is a legal personality separate from the members

Who can become a LLP
Businesses where all members wish to have limited liability but where members wish to participate in the membership of the firm and a less formal partnership structure is preferred.

Businesses of a “trading” character through use of “self employed” Schedule D tax status can also be LLPs.

Contact WCA for LLP formation details and prices