What Is Limited Liablity Partnership Uk and How to Setup?

• Considering forming a Limited Liability Partnership (LLP) in the UK? Tetra Consultants is here to guide you through the process. While LLPs offer reduced personal liability for partners, they entail complexities and regulations akin to limited companies. Our services extend to facilitating your LLP registration in the UK, ensuring compliance with legal obligations. However, if you find the process daunting, our professional advisors are ready to provide expert assistance with how to register company in Uk. Trust Tetra Consultants for seamless LLP formation and comprehensive support throughout your business journey. 

What is Limited Liability Partnership in UK? 

• A Limited Liability Partnership (LLP) in the UK is a hybrid business structure amalgamating features of partnerships and private limited companies. Governed by the Limited Liability Partnerships Act 2000, it caters to professions traditionally operating as general partnerships, such as law firms and accountants. Upon registration with Companies House, an LLP becomes a distinct legal entity capable of legal actions, offering its members limited liability protection. Each partner’s personal assets are shielded from business debts, differing from general partnerships where personal liability prevails. LLPs are taxed as partnerships, with members individually liable for taxes, fostering tax transparency and autonomy. 

Steps to setup Limited Liability Partnership in UK 

Step 1: Choose a name 

• As the first step Tetra Consultants will assist you with is selecting a unique name for your business. We provide comprehensive name reservation services, ensuring the chosen name is not already registered with Companies House. Additionally, for global brand protection, we offer international trademark registration services, safeguarding your brand name across borders. 

Step 2: Prepare incorporation documents 

• Moving forward, our experts will assist you in completing the “Application to register a limited liability partnership” (form LL IN01) and guide you through the submission process to Companies House. Additionally, we offer legal drafting services to ensure compliance with various authorities and regulations. 

Step 3: Appoint designated members 

• Further, it is necessary to appoint at least two designated members with no residency restriction, who bear additional responsibilities such as managing company accounts. While the number of ordinary members can vary, designated members hold statutory duties such as signing annual accounts and ensuring legal compliance. 

Step 4: Prepare an LLP agreement 

• Further, Tetra Consultants can assist you in drafting an LLP agreement, ensuring compliance with all guidelines. This agreement delineates how the LLP will operate, covering aspects such as profit-sharing, decision-making procedures, member responsibilities, and the process for joining or leaving the LLP. 

Step 5: Get a registered address 

• Moving onwards, Tetra Consultants will assist you in obtaining a registered address for your LLP. This address serves as the official address for your LLP, where all written communication must be directed. It is imperative that the registered address meets certain criteria, including being a physical address within the same country where your LLP is registered.  
• We will ensure compliance with these requirements and can also facilitate the use of a PO Box if desired, provided that a physical address and postcode accompany it. Additionally, if you opt to use your home address, we will guide you through the necessary steps, bearing in mind that this information will be publicly available. 

Step 6: Register your LLP 

• Once you have obtained the registered address, we will move towards registering your business with companies house. After which you will be provided with the Certificate of Incorporation once registered. 

Step 7: Register for self assessment with HM Revenue and Customs (HMRC) 

• Every member must register for Self Assessment with HMRC. 

Step 8: Open corporate bank account 

• Upon completion of the registration process, we will initiate corporate bank account opening for your company. Within 4 weeks of incorporation, we can provide you with a dedicated bank account, ensuring your company has the necessary financial infrastructure in place. 

Conclusion 

• A Limited Liability Partnership (LLP) in the UK combines the benefits of a partnership with limited liability protection. Tetra Consultants facilitates the seamless setup of LLPs, ensuring compliance with regulations and guidelines. Our comprehensive services include offshore company incorporation, accounting and tax obligations management, legal document drafting, and bank account opening. With Tetra Consultants, clients can confidently navigate the intricacies of LLP formation, enabling them to focus on their business goals while we handle the administrative complexities with expertise and efficiency. 
• Contact us to know more about Limited Liability Partnership in UK and know how to set an LLP in Uk. Our team will revert back in 24 hours.