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Limited Liability Partnership

£24.99
ORDER PACK
Company Registration Pack

Form a Limited Liability Partnership Company Online

The LLP is a relatively recent innovation in the business world. It is the latest type of business vehicle to be introduced after having received official Royal Assent in 2000. It can be loosely described as a hybrid between a limited liability company and a traditional self-employment partnership. It offers the limited liability available to owners of limited companies combined with the tax regime and flexibility available to partnerships.
Company Registration Pack

LLP formation procedure - summary

LLPs were originally designed by professional partnerships such as accountants, lawyers and architects. They felt the need to limit their own personal liability that may have arisen out of any mistakes created by another partner. However, many other types of businesses can benefit from operating out of an LLP.

For help and advice on forming a limited liability partnership, please call us on (telephone number) or email us at (email address).

Limited Liability Partnership
£24.99
LTD Company Package

Company Limited Liability Partnership Pack Includes:

Filing fee inclusive - we pay the Companies House filing fee on your behalf
Fastest service - limited by guarantee company incorporated within 2-6 hours (depending on Companies House)
Instant submission - no signature or paperwork
Draft limited liability partnership agreement delivered direct to you by email
Two printed copies of your limited liability partnership agreement on high quality paper
Free business account with cashback (subject to acceptance)
Free merchant account with cashback (subject to acceptance) (allowing you to accept debit and credit cards)
Free online LLP partnership manager - manage your LLP documentation online and receive company alerts and reminders
Free support for the life of your company
Free review - our team will review and check your order prior to dispatch to Companies House
Google AdWords - spend £25 and receive a free £75 voucher to spend marketing your limited company by guarantee online
Internet presence starter kit - we'll pay for your .co.uk or .com domain name for the first year
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Incorporating a company limited liability partnership – our service

Instant Submission To Companies House
Our service is automatic - when you complete your LLP formation application on our website, we'll check the details and submit them straight away to Companies House. As soon as they have approved the documents and your new LLP has been formed, we'll email you to let you know.
All Fees Included In The Price
Companies House charge for the registration of limited liability partnerships - all Companies House fees are included in our price. Your Company Formations has always had a transparent pricing structure so you know what you're paying for and how much it costs before you choose to use us.
Official Documents Emailed To You
By choosing our limited liability partnership formation package, you'll receive electronic copes of your Certificate of Incorporation, your Memorandum of Association, your Articles of Association, and your limited liability partnership agreement.
Ready To Trade
In nearly all circumstances, you'll be ready to start trading on the same day that you form your limited liability partnership through us.
Free Cash Back
For every limited liability partnership, it's important to have a bank account to handle company cash and merchant facilities to take payments from your clients. We can organise both for you and pay you (or an organisation of your choice) up to £55 cash back.
Ongoing Support And Advice
We have always provided free support and advice to all of our clients via telephone, email, and our website chat portal. We work with clients before, during, and after the set-up of their limited liability partnership.
Free Online Company Manager
You can easily manage your limited liability partnership online using our internet portal. It's easy to make changes to your company details when needed and our service saves you additional costs and fees in the future.
Frequently Asked Questions

Answers to Common Concerns

The formation of an LLP - frequently asked questions

Do we need to use a draft LLP agreement?
There is no legal requirement to have an LLP agreement in place, particularly if profits are divided equally between members. However, many partnerships prefer to have one and we can provide you with a draft agreement that you can amend to suit the structure you have in mind.
What are the benefits of operating an LLP?
  • No employer's National Insurance. Members' income is not subject to this 13.8% tax
  • Significant delay in paying their personal tax as opposed to PAYE
  • Generous car and motoring benefits• No tax liability for using LLP assets for personal use.
  • No tax liability on introducing new members - unlike limited companies where there may exist a tax liability in giving away shares in the company.
  • Potential loss relief benefits, allowing members to immediately offset losses against other income, either in the same year or previous years. Limited companies must record a profit before being allowed to offset losses.
  • Paying taxes just on their share of the overall LLP profit, similar to a sole trader, and suffering no tax on remuneration drawings. HMRC has clamped down on so-called 'salaried members' with changes to the employment status of certain members of LLPs to bring them into the PAYE/NI regime and outside of self-employment.
Disadvantages of an LLP
As the name suggests, an LLP is a partnership. Therefore it needs at least two partners. This raises issues of trust; if one partner falls out with the other and leaves then the LLP is dissolved unless another partner can be introduced. This is easily overcome with sleeping partners or corporate partners but it could still be considered as a potential drawback, therefore ensuring a comprehensive partnership agreement is in place is vital.
Disadvantages of an LLP
The legal requirements to prepare and publish annual accounts add to the administrative burden. Additionally, certain profit distributions to members in high grossing LLPs will need to be disclosed on the public record, removing a certain element of privacy and confidentiality.
What protection do I get from running an LLP?
The members also enjoy some degree of protection from the liabilities of the LLP, so long as they do not act fraudulently or trade wrongfully. This level of liability is limited to the amount they have invested; they cannot lose more than this.
If you're involved in running an LLP, you must:
  • Maintain adequate accounting records
  • Be aware that the LLP has a separate legal personality, continuing to exist independently of its members
  • Prepare and submit information to Companies House for publication in the public domain
  • Submit information regarding the members' individual profit shares to the public domain once certain thresholds have been exceeded
  • Submit partnership tax returns to HMRC
  • Ensure suitable insurance is in place both for individual members and the LLP as a separate entity
Disadvantages of an LLP
Even though the LLP has its own separate legal identity, dealings with third parties, for example banks, may still require the members to provide their own personal guarantees, much in the same manner as these guarantees apply to directors of limited companies.
Disadvantages of an LLP
These legal requirements also extend to the members who must, like limited company officers, behave and act within the confines of the law. Failure can result in prosecution and future disqualification from being a member or director in another business.
Read All Our FAQ's

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Frequently Asked Questions

Answers to Common Concerns

The formation of an LLP - frequently asked questions

Do we need to use a draft LLP agreement?
There is no legal requirement to have an LLP agreement in place, particularly if profits are divided equally between members. However, many partnerships prefer to have one and we can provide you with a draft agreement that you can amend to suit the structure you have in mind.
What are the benefits of operating an LLP?
  • No employer's National Insurance. Members' income is not subject to this 13.8% tax
  • Significant delay in paying their personal tax as opposed to PAYE
  • Generous car and motoring benefits• No tax liability for using LLP assets for personal use.
  • No tax liability on introducing new members - unlike limited companies where there may exist a tax liability in giving away shares in the company.
  • Potential loss relief benefits, allowing members to immediately offset losses against other income, either in the same year or previous years. Limited companies must record a profit before being allowed to offset losses.
  • Paying taxes just on their share of the overall LLP profit, similar to a sole trader, and suffering no tax on remuneration drawings. HMRC has clamped down on so-called 'salaried members' with changes to the employment status of certain members of LLPs to bring them into the PAYE/NI regime and outside of self-employment.
Disadvantages of an LLP
As the name suggests, an LLP is a partnership. Therefore it needs at least two partners. This raises issues of trust; if one partner falls out with the other and leaves then the LLP is dissolved unless another partner can be introduced. This is easily overcome with sleeping partners or corporate partners but it could still be considered as a potential drawback, therefore ensuring a comprehensive partnership agreement is in place is vital.
Disadvantages of an LLP
The legal requirements to prepare and publish annual accounts add to the administrative burden. Additionally, certain profit distributions to members in high grossing LLPs will need to be disclosed on the public record, removing a certain element of privacy and confidentiality.
What protection do I get from running an LLP?
The members also enjoy some degree of protection from the liabilities of the LLP, so long as they do not act fraudulently or trade wrongfully. This level of liability is limited to the amount they have invested; they cannot lose more than this.
If you're involved in running an LLP, you must:
  • Maintain adequate accounting records
  • Be aware that the LLP has a separate legal personality, continuing to exist independently of its members
  • Prepare and submit information to Companies House for publication in the public domain
  • Submit information regarding the members' individual profit shares to the public domain once certain thresholds have been exceeded
  • Submit partnership tax returns to HMRC
  • Ensure suitable insurance is in place both for individual members and the LLP as a separate entity
Disadvantages of an LLP
Even though the LLP has its own separate legal identity, dealings with third parties, for example banks, may still require the members to provide their own personal guarantees, much in the same manner as these guarantees apply to directors of limited companies.
Disadvantages of an LLP
These legal requirements also extend to the members who must, like limited company officers, behave and act within the confines of the law. Failure can result in prosecution and future disqualification from being a member or director in another business.
Read All Our FAQ's
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Call us today: 0207 689 7888

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Contact Us Information
Contact Us
Your Company Formations Ltd
Kemp House, 160 City Road, London, EC1V 2NX
info@yourcompanyformations.co.uk
+44 (0) 207 689 7888
Office Hours
Monday to Friday
09.00 a.m. – 17.00 p.m.
Local Time is (GMT)
Company Registration: 9094616
VAT Number: 9094616
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Register your company in the heart of London

Contact Us
Your Company Formations Ltd
Kemp House, 160 City Road, London, EC1V 2NX
info@yourcompanyformations.co.uk
+44 (0) 207 689 7888
Office Hours
Monday to Friday
09.00 a.m. – 17.00 p.m.
Local Time is (GMT)
Company Registration: 9094616
VAT Number: 9094616

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