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Limited Liability Partnership (LLP)£500
Limited Liability Partnership Registration
Our efficient LLP formation service has taken the difficulty out of establishing a new Limited Liability Partnership in the UK. Our business specialists have the knowledge to provide a bespoke structure catered to your business's needs. Over four hundred thousand companies have been incorporated with our pioneering low-cost electronic system, which includes the following services:
- Hard copy Certificate of Incorporation
- The Partnership Agreement after your LLP is formed
- Online PDF versions of company documents
What is an LLP?
A Limited Liability Partnership (LLP) is a company established between at least two partners; one being the main partner, who is responsible for running the business, and a limited partner who contributes cash or property. In many cases however, both partners may have contributed to the assets of the company both may be responsible for the running of the business, but one must be specifically designated on the company forms. The liability of the partners is then limited to their contribution to the company separately from each other.
An LLP may apply for VAT and operate a bank account much like a LTD structure.
Why Choose an LLP Structure?
An LLP allows for a tax-efficient strategy as they are considered "fiscally transparent" by HMRC, so the Partnership itself is not taxed, only the profits that go directly to the partners are taxed. As the partners are taxed directly, this means:
- - Non-UK residents will only pay UK tax on income that was earned in the UK, so any trade occurring offshore from the UK will only be taxed at the partner's usual tax rate, depending on their country of residency;
- - UK residents will be subject to the usual level of taxation for their income bracket, and will not be subject to multiple levels of tax (at personal and corporate level, for example).
LLPs are eligible to conduct regulated activity, so are able to apply for Financial Services Authority (FSA) approval.
Why Our Companies Are Better
Other formation agents incorporate companies with an "agent director" - an employee of the formation agent becomes the Founding Director for the new company, then resigns and transfers the shares to the customer. This frequently leads to confusion, and in the worst cases can cause damaging delays in financial transactions in the formative period for the company.
At Formations House, the company is established with you, as our customer, as the Founding Director and shareholder from the outset. The Companies House registry will show you as owning the company from the outset, avoiding the possibility of these delays, and further confirming your company's integrity.
Incorporating a company with Formations House could not be simpler. To get started, we require the proposed name of your LLP Company and the address where the company will be registered . In addition, we will require the personal details of the partnersto be registered with the company. If another corporate entity is to be registered as a Partner, then we will require the company name of this entity and its registration number.