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WHAT IS A LIMITED LIABILITY PARTNERSHIP? ONLINE LLP FORMATION & REGISTRATION SERVICE

Setting-Up and Register a Limited Liability Partnership (LLP): 
A limited liability partnership (LLP) is similar to a normal partnership - but it also offers reduced personal responsibility for business debts. Coddan CPM LTD offers a full LLP incorporation service and will deal with all the essential requirements on your behalf. Limited Liability Partnerships (LLPs) are available to any 'two or more persons associated for carrying on a lawful business with a view to profit' by simple registration with the registrar of companies. The key advantage of a LLP compared with a traditional partnership is that the members of the LLP are able to limit their personal liability if something goes wrong with the business, in much the same way as shareholders in a limited company are able to.

Where business owners have wanted to limit their personal liability in the past, they have normally set up limited companies and any profits made by those companies are subject to corporation tax. Director's fee and dividends paid by the companies can then be taken as income of the directors and shareholders. LLP's are taxed quite differently in that the profits are treated as the personal income of the members.
Finding and Using Information on This Page:  The Main Features of LLPs | Top Tips to LLP Status | UK LLP Formation Packages | Ready Made LLPs | LLP Incorporation Requirements | Definition of Limited Liability Partnership | Starting a Limited Liability Partnership | Limited Liability Partnership - Points to Consider | Personal Fault | The Greatest Benefit of Becoming a LLP | The Greatest Benefit of Becoming a LLP | Administrative Set Up | What is the Difference Between a LLP and Limited Company? | Who Can Form a Limited Liability Partnership?  | Relevance to Private Equity Structures | Tax Transparency | UK Company Formation Online | 

Clients can verify whether their proposed name has been registered or incorporated and obtain information regarding business LLP entities operating in England, Scotland and Northern Ireland by conducting LLP name and unincorporated business name and limited partnership searches of the UK public record. The Companies House records the name and LLP registered number of UK corporate entities that are incorporated, continued, amalgamated or licensed to do business in the United Kingdom.

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Definition of Limited Liability Partnership: Partnership that protects its members from liabilities held against their partners. Many law firms are formed as LLPs. What is an LLP: A Limited Liability Partnership (LLP) is a legal business structure in which there are two or more persons associated for carrying on a lawful business with a view to profit, and is registered as such at Companies House. Limited Liability Partnership Benefits: The key advantage of a LLP compared with a traditional partnership is that the members of the LLP (it is very important that they should not be called partners but members) are able to limit their personal liability if something goes wrong with the business, in much the same way as shareholders in a company have always been able to do. The costs of setting up an LLP from £125.00

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The Main Features of LLPs: 
Incorporation - LLPs are bodies corporate and must be registered with the Registrar of Companies in a similar way to setting up a company. The LLP cannot have the same name as another LLP or company.

Liability - the LLP is a separate legal entity distinct from its members. The LLP itself is responsible for any debts that it runs up to the full extent of its assets. This means that members will generally only be liable to the extent that they have contributed to those assets.

Members - the LLP must have at least two members. Any legal person may be a member of an LLP. Members are agents of the LLP and owe the duties of an agent, including acting in the best interests of the LLP and avoiding conflicts of interest. Similar to company directors, the members may also be exposed to potential liability for wrongful or fraudulent trading.

Management - the LLP will generally be controlled by the "designated members" who can be viewed as being akin to directors. Two or more members must be designated members who will have statutory responsibility for certain tasks including reporting obligations. The designated members may be to subject to fines in the event of failure to comply with these responsibilities. Unless the Registrar of Companies is advised which members are designated members, all members of the LLP will be designated members.

Structure - unlike a company, a LLP does not have share capital, a Memorandum of Association or Articles of Association, and has complete flexibility as to the internal structure and management it wishes to adopt. The rights and duties between the members are normally specified in the LLP agreement which is confidential to the members.

Reporting obligations - similar to the reporting obligations of companies, LLPs must maintain accounting records. LLPs must also notify changes of members, member's details, registered address, and deliver accounts and annual returns to the Registrar of Companies.

Disclosure requirements - every LLP must display its name outside every office or place of business. The LLP's name, place, registered number and registered address should also appear on all correspondence.

Capacity - unlike a company which may only trade within the objects stated in its Memorandum of Association, a LLP has unlimited capacity.

Security - a LLP may grant standard securities, any fixed asset security or a floating charge.

Tax - a LLP is transparent for tax purposes and will be taxed in a similar way to a partnership with members being taxed individually on their share of the LLP's income or gains.

Top Tips to LLP Status: 
As increasing numbers of organisations opt for Limited Liability Partnership (LLP) status, PKF accountants and business advisers is offering ten top tips to ensure the process goes as smoothly as possible:

1. Converting to a LLP is a major project, so plan it well in advance.

2. Do not base the LLP agreement on your partnership agreement - start afresh.

3. The LLP agreement should be comprehensive as there is no fall back on partnership law.

4. Operate the LLP as a corporate vehicle - not as if you are still partners - in order to reap the full benefit.

5. Determine the impact on your profits and balance sheet of adopting full UK accounting standards in the LLP accounts.

UK LLPs from only £125.00! All Inclusive LLP Registration. Each Limited Liability Partnership package includes all statutory paperwork and is fully compliant with the LLP law. All government and filing fees are included in the cost of our Economy pack. All certificates and documents will be sent directly to you by post immediately following the registration of your LLP. It will take just 5 minutes to complete the online registration form, then your LLP could be up and running within 4-6 working days. THE FOLLOWING UPGRADES CAN BE ADDED TO THE ABOVE PACKAGE: 1. LLP Pliers Seal - £20.00. 2. Domain Name Registration for two years - £16.00. 3. Provision of a Registered Office Address for 12 months - £50.00. 4. Provision of a Nominee Designated Member for 12 months - £125.00. 5. Certificate of Good Standing - £35.00. 6. Notarisation & Apostille of Documents. Call any one of our offices: Monday - Friday: 9:30am to 17:30pm +44 (0) 207.637.3881 +44 (0) 800.081.1510 +44 (0) 141.530.8188 +44 (0) 289.099.8744 info@ukincorp.co.uk Click on the button below to incorporate online:

6. Be prepared for the new rules of income and profit recognition for professional service firms, and for the likely tax charge when you implement them.

7. Beware of pension and annuity obligations - they can seriously damage your partners' wealth!

8. Agree with your bank on how your current credit facilities will be provided to the LLP going forward.

9. Document the transfer of banking facilities from the firm to the LLP in a Novation Agreement.

10. Provide the bank with a new mandate, supply enough information to enable them to undertake Know Your Customer (KYC) on the LLP as a new customer, and specify any operational banking requirements (e.g. a new signatory style on cheque books).

There is also a greater degree of flexibility in an LLP, for example the ability to separate out different rights. An individual being made a member, or a retiring member, might also be given rights to a fixed level of income only, leaving the founders with the majority of voting rights and rights to assets on winding up. The members of an LLP are free to agree amongst themselves the relationship between them, rather as partners do in traditional partnership.

The LLP itself is a separate legal entity and is therefore able to enter into contracts and hold property and the LLP is able to continue in existence independent of changes in membership. It is important is ensure that any agreement between members addresses the issue of LLP management and particular duties and responsibilities of members.
You May Use This Form to Register a New Limited Liability Partnership:   Click Here if You Want to Form a LLP Online  

UK LLP Formation Packages: 

ECONOMY formation package* for just £125.00 (with no hidden costs!
Our fees for our LLP incorporation package are £125.00 and include the following items: LLP registration, Companies House filing fees, bound copy of the completed LLP Agreement. Coddan specialising in incorporation of Limited Liability Partnerships in England, Wales, Scotland and in Northern Ireland. Our incorporation service which ENABLES YOU TO APPOINT YOUR OWN members and registered office details straight away. Your LLP is then submitted for registration with your choices as the original LLP officers. (Note: All partnerships are formed with your own details from the time of incorporation; we do not use nominees as some agents do. We do not register partnerships which have sensitive words free of charge.)

The Economy Package is ideal for small and medium businesses and for customers who have their own address in the UK, and who have at least two partners appointed as LLP members.

Preparation and Filing of the Form LLP2 with the Companies House
Laminated Certificate of Incorporation
Coddan's Standard Partnership Agreement

Upon the formation of your Limited Liability Partnership, the following documents will be sent to you by Royal Mail: a laminated copy of the Certificate of Incorporation of your LLP, a hard bound copy of the Partnership Agreement of your Limited Liability Partnership, a hard bound copy of the Minutes of the First Meeting of the LLP Partners, a register of Members.

Our online incorporation order form ALLOWS a customer to add more services: domain name registration, free 0800/0870 telephone numbers (receive faxes, setup voicemail. Forward calls to mobile and landlines, nationally and internationally), additional sets of documents, seals, nominees, VAT registration, bookkeeping and accounting service, notarisation & Apostille, etc.
You May Use This Form to Incorporate a new Limited Liability Partnership:   Economy LLP Registration Package  

Please Note: 
We can register a Limited Liability Partnership with your choice of name. We can process all the requirements of formation, provide registered address and nominee designated members - all the legal requirements to incorporate and operate a Limited Liability Partnership. The formation of limited liability partnership differs from the other company formations.

The order form provided online will help us to fill the appropriate documentation. Once the documentation is ready, we will send it to your email and you will be required to print it, sign it and posted back to us. From the moment we receive all the documentation signed, the process will take 4-6 working days (no expedited service available). Once your LLP has been incorporated with the Companies House, we will prepare all the documentation: laminated Certificate of Incorporation, LLP Agreement, Members Register and Members Certificates. These documents will be sent to you only by post (e-mail LLP documentation service is not available).

For more information about our incorporation packages, please e-mail info@ukincorp.co.uk or call: Call FREE 0800 081 1510 or +44 (0) 207 637 3881, fax: +44 20 7681 3318

1. LLP Members (Partners) may be residents outside the United Kingdom. 2. You must appoint a minimum of two Members (Partners). 3. Members may reside anywhere in the world and may be bodies corporate registered in the UK or elsewhere. 4. The liability of the members of the UK LLP is limited to any agreed capital contribution. No minimum capital contribution is prescribed so this could be zero. 5. The business is controlled by the 'Designated Members' (who have a similar responsibility to a directors and secretary of a Limited Company) and the 'Members'. 6. The LLP act confers the same tax transparency as partnerships. Members are considered as self employed for tax purposes. LLPs do not pay Corporation Tax. 7. You have to register with Companies House, the method is similar to registering a Limited Company. 8. As a separate legal entity, LLP's may own property, sue, and be sued in LLP's name. 9. The LLP structure is more suitable for a group of people engaging together in a property or finance venture where it may be necessary to account for partners coming ang and going more frequently than you would expect in a normal partnership business. 10. The types of business that LLPs were originally designed for were professional partnerships such as lawyers, surveyors and accountants. However other businesses may also benefit from using LLPs, particularly new start-ups who might otherwise have formed limited companies. Call any one of our offices: Monday - Friday: 9:30am to 17:30pm +44 (0) 207.637.3881 +44 (0) 800.081.1510 +44 (0) 141.530.8188 +44 (0) 289.099.8744 info@ukincorp.co.uk

PREMIER UK LLP registration package* - £175.00
This package has all the features of our Economy package but also has the provision of having your LLP prepaid registered office address. This service (Our Most Popular Plan for EU Residents) is particularly useful for small business, such as those being run by members from home, where a separate address for service of routine paperwork from authorities such as Companies House and the Inland Revenue may be required for various reasons.

The Premier Package is ideal for small and medium businesses who opt to use our registered address in London, Liverpool, Manchester, Edinburgh or Glasgow.

Preparation and Filing of the Form LLP2 with the Companies House
Laminated Certificate of Incorporation
Coddan’s Standard Partnership Agreement
Registered UK office address
Forwarding of Official Mail

Upon the formation of your Limited Liability Partnership, the following documents will be sent to you by Royal Mail: a laminated copy of the Certificate of Incorporation of your LLP, a hard bound copy of the Partnership Agreement of your Limited Liability Partnership, a hard bound copy of the Minutes of the First Meeting of the LLP Partners, a register of Members.

All England and Scotland registered partnerships are legally required to have a registered office address. It is the address of a LLP to which Companies House letters and reminders will be sent. The registered office address can be anywhere in England and Wales (or Scotland if your LLP is registered there). The registered office address must always be an effective address for delivering documents to the LLP, and to avoid delays it is important that all correspondence sent to this address is dealt with promptly.

Our registered office address will be recorded at Companies House and all official mail will be forwarded to your designated address. If you want to be a Scottish registered LLP and governed by Scottish law then you will need a registered address in Scotland. We can provide you with a prestigious address in Edinburgh or Glasgow. For LLPs owned by overseas residents it is a legal requirement to have a local registered address where official government mail can send.

Please note that this address SHOULD NOT be used for any trading purposes or general correspondence, or for any form of advertising. The address is only to be used to comply with the requirements of the Companies Act 1985 in relation to official mail and documents.

Please note registered office address is not to be used for general correspondence; our trade mail service is available for this purpose. The registered office address will also be used by the UK tax authorities, and other government departments, to contact the LLP. In the event the LLP is involved in any legal action official papers will often be served at the registered office address.

The LLP stationery, including the letterhead, should contain the LLP's official name, as registered with Companies House; the LLP's registered office address; the registration number or license number; the VAT registration number (if any); and the place of registration, i.e. England & Wales or Scotland.
You May Use This Link to Register a Limited Liability Partnership:   Premier Package - £175.00 (incorporation, government taxes and government fees are included) 

DELUXE LLP start-up package* - £425.00
This package (Our Most Popular Plan for International Customers) includes prepaid registered office, prepaid two nominee designated members for 12 months (incl. General Power of Attorney). If you do not wish to disclose members (partners) names and other personal details for the incorporation, we can provide a nominee designated members service. Usually two membership certificates are issued to the nominee members, who will issue a Declaration of Trust in favor of the LLP beneficiary owner. This service has been designed to allow our clients to retain their privacy for legitimate reasons in a world where your personal information can easily be obtained by anyone that knows where to look. This service is not to be used for any illegal purposes.

The Deluxe Package is ideal for small and medium businesses who opt to use our registered address in London, Liverpool, Manchester, Edinburgh or Glasgow, and who require our nominee service.

Preparation and Filing of the Form LLP2 with the Companies House
Laminated Certifi