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An LLP is similar in some ways to a standard Partnership, except that the individual members have lower liabilities to any debts which may arise from running the business.
There are more administrative duties involved compared to the usual business structure. In fact, an LLP is more similar to operating a limited company.
In terms of liability, the Limited Liability Partnership is itself liable for debts run up in running the business, rather that the individual members of the LLP. As a result, LLP's are only recommended for profit running businesses.
Individuals or existing businesses can be members of a Limited Liability Partnership, and the LLP must have at least 2 members. The rights and responsibilities of all members would usually be laid out in a "Deed of Partnership".
The LLP would typically select a "Designated Member" (or members) who would be responsible for maintaining communications with Companies House, preparing accounts and acting for the LLP if for some reason it is dissolved further down the line.
Forming a Limited Liability Partnership
To incorporate an LLP, we shall only need the name you require to be registered, and only after registration will you need to provide the members names.
An LLP should draw up a "Partnership Agreement" at the time of formation -
We can supply blank Agreements which you can download and complete.
Alongside administrative details such as the names and addresses of members, the deed will also include details on the amount of capital each partner will inject into the business, what their individual roles and responsibilities will be in running the business and what would happen if a partner leaves the business.
A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liability.
Limited Liability Partnership
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