Limited Liability Partnership
Limited Liability Partnership (LLP) is a new type of business formation or partnership in which sole partners have a limited liability unlike traditional partnership. An LLP is created by the Limited Liability Partnerships Act 2000. In limited liability partnership, all the liabilities fall on the partnership, not on the individual partners. Sole partners of an LLP are not responsible for the debts of the entire business. It is the best option to establish and operate a business independently.
Establishing a Limited Liability Partnership
If you are going to establish a limited liability partnership, here are some key points to consider for the registration of LLP with Companies House and HMRC.
- Must have a minimum of two members who will be responsible to ensure all legal obligations.
- Must provide a registered company name and office address that will be used to send posts.
- Provide Standard Industrial Codes (SIC) to explain the working of your LLP.
- Information about members that are generally PSCs (People with Significant Control).
- Must report change if you have made any.