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An LLP or a LimitedLiability Partnership is quite similar to a standard partnershipexcept that the individual members have lower or limited liabilitiesto any debts that arise from the running of the business. In anutshell, LLP offers the flexibility of partnership while operating alimited company. Steps in LLP FormationThe first step in LLPFormation is finalizing a Deed of Partnership. This is alegally binding agreement between the members as it elaborates therights and responsibilities of each party. The deed also detailsadministrative details such as names and addresses of the members,the amount of capital that is contributed by each member in additionto individual roles and responsibilities. The agreement also mentionsthe changes that need to be made in case a partner intends to leavethe business at any point of time.LLP Formation does notrequire a Memorandum or Articles of Association. Once formed, the LLPis required to file annual returns and annual accounts with theCompanies House.For these purposes, atleast two of the partners of the LLP must be designated members,who would have to meet the statutory requirements pertaining to theLLP.Thetwo basic requirements for LLP formation are:Aregistered addressAt leasttwo members or partnersA legallybinding agreement between themLLP Formation and TaxRelated IssuesThe LLP formation processalso involves a nominated member who handles dealing with the InlandRevenue Department and filing the annual partnership tax return. As all profits in an LLPare split between its members, the tax liability falls on them but itdoes not fall upon the LLP. Also, no corporate tax is involved. AnLLP has to apply for VAT registration if the business expects togenerate an income of £67,000 or more. Returns mustalso include a Partnership Statement with details on thedivision of profits between various members.Role of a CompanyFormation Agent in LLP Formation A companyformation agent assists in LLP formation by helping in thepreparation of a partnership agreement, deciding on a registeredoffice. An agent can also provide post incorporation services such asassistance in bookkeeping or submission of the annual report andapplication for a VAT number.As one of UKs largestcompany registration agents, Company Formations 24.7 provides aremarkable array of services for company formation, registration,administration and information.
Guide,LLP,Formation,LLP,Limite