Limited Partnership (LP)
More information
Service includes:
Preparation and submission of registration documents to Companies House.
Registration fee.
Registered Office Address.
The filing of the mandatory annual Confirmation Statement including fee (For Scottish Limited Partnerships).
Issue of following documents:
Not included:
- Financial Statement preparation and filing of annual accounts. Service is described here.
- Correspondence address for partners. Service is described here.
Preparation and submission of registration documents to Companies House.
Registration fee.
Registered Office Address.
The filing of the mandatory annual Confirmation Statement including fee (For Scottish Limited Partnerships).
Issue of following documents:
Not included:
- Financial Statement preparation and filing of annual accounts. Service is described here.
- Correspondence address for partners. Service is described here.
As a legal structure, a Limited Partnership (LP) differs from a Private Limited Company (LTD) in the sense that it cannot be considered a separate legal entity but rather represents an agreement between partners. LP is typically registered in the Companies House to establish the fact of its existence and legal status.
A partnership consists of at least one General Partner and one or more Limited Partners. Additionally, the partnership must appoint a Managing Partner, who can be any of the General Partners.
In itself, a Partnership does not bear any responsibility, unlike a Limited Company. The full responsibility for the activities of the enterprise lies with the General Partner(s). The liability of the Limited Partner(s) is limited to their contribution to the partnership, similar to the rules governing the contribution of share capital in a Private Limited Company and the liability of shareholders.
The General Partner is a member in the organisation who makes key decisions and carries out day-to-day management of the current activities. The Limited Partner does not participate in the operational activities of the organisation. Both General and Limited Partners can be either individuals or legal entities.
Such a model is often used in investment, financial, and legal companies, where the General Partners are actively involved in the operations while the Limited Partners act as investors. However, this is not mandatory, and such a format can be adapted for any type of activity. For comprehensive advice, please consult our specialist.
The partnership is also exempt from paying corporate income tax. The responsibility for tax payments lies with the partners in proportion to the share of distributed profits. Profits are distributed according to the amount of capital contributed, which corresponds to the "interest" of each partner. For a better understanding of dividend distribution, the "interest" in the partnership can be compared to a share in the share capital of a Limited Company.
If the partners are not tax residents of the United Kingdom, the profit they receive from the partnership's activities is not subject to local taxation. Please check our tax optimisation solution here.
LP is not required to file tax returns with the HMRC. However, when distributing dividends among partners, any financial institution where the partnership's current account is held, may request a financial report, based on which the payments will be made. Financial report preparation service description can be found here.
A partnership consists of at least one General Partner and one or more Limited Partners. Additionally, the partnership must appoint a Managing Partner, who can be any of the General Partners.
In itself, a Partnership does not bear any responsibility, unlike a Limited Company. The full responsibility for the activities of the enterprise lies with the General Partner(s). The liability of the Limited Partner(s) is limited to their contribution to the partnership, similar to the rules governing the contribution of share capital in a Private Limited Company and the liability of shareholders.
The General Partner is a member in the organisation who makes key decisions and carries out day-to-day management of the current activities. The Limited Partner does not participate in the operational activities of the organisation. Both General and Limited Partners can be either individuals or legal entities.
Such a model is often used in investment, financial, and legal companies, where the General Partners are actively involved in the operations while the Limited Partners act as investors. However, this is not mandatory, and such a format can be adapted for any type of activity. For comprehensive advice, please consult our specialist.
The partnership is also exempt from paying corporate income tax. The responsibility for tax payments lies with the partners in proportion to the share of distributed profits. Profits are distributed according to the amount of capital contributed, which corresponds to the "interest" of each partner. For a better understanding of dividend distribution, the "interest" in the partnership can be compared to a share in the share capital of a Limited Company.
If the partners are not tax residents of the United Kingdom, the profit they receive from the partnership's activities is not subject to local taxation. Please check our tax optimisation solution here.
LP is not required to file tax returns with the HMRC. However, when distributing dividends among partners, any financial institution where the partnership's current account is held, may request a financial report, based on which the payments will be made. Financial report preparation service description can be found here.
GBP 490 / EUR 570
1. Members resolution
2. Certificate of Capital
3. Partnership Agreement or instrument of transfer of interest.
2. Certificate of Capital
3. Partnership Agreement or instrument of transfer of interest.
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