Limited Liability Partnership (LLP)

More information

Service includes:

• Preparation of registration forms and the partnership agreement.
• Registered office address for the Partnership.
• Filing of mandatory annual Confirmation statement including fee
• Certificate of capital.
• Members resolution.
• Submission of PSC or RLE notification.
• Maintenance and support.

Not included:

• Financial Statement preparation and filing of annual accounts. Service is described here.
• Correspondence address for partners. Service is described here.

Turnaround is 2 days.

LLP is a hybrid form of organisation that stands between LTD and LP. Depending on the nature of the business, we consider this registration format as the most convenient. It combines the best characteristics of a regular Private Limited Company and a Partnership.

First of all, all members of LLP enjoy the status of limited liability, just like shareholders in LTD. Also, LLP does not have general or limited partners as all partners have an equal set of rights and responsibilities. Secondly, LLP becomes a separate legal entity unlike LP. Thirdly, LLP remains transparent for tax purposes, exactly as LP. This means that the responsibility for paying taxes falls on the shoulders of the partners. However, unlike with LP, it is required to prepare and submit tax returns similar to LTD, which we see as more of an advantage than a burden, as in a world where transparency and compliance with norms and standards of conducting business play a crucial role, it is essential for companies to have a history of income declaration for smooth flow of all processes.

As an example, there are no requirements for LP to submit tax reports. However, despite its apparent simplicity and attractiveness, this implies numerous complexities due to the inherent marginalisation of such structures. It is precisely because of the ease of operation and the vague understanding of the legal status of the partnership that unscrupulous entrepreneurs have long taken advantage of this organisational form. This trend has resulted in a lack of trust in such structures by external observers, be it banks or regulatory bodies. For a more detailed description of the pros and cons, please refer to our tax optimisation proposal here.

GBP 600 / EUR 700