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UK LLPs provided by OCRA Worldwide must be formed with a view to making profit and for the purpose of undertaking the international trade of goods or services either as principal or agent or for the provision of consultancy or related services. International UK LLPs established by OCRA Worldwide have pre-prepared operating agreements which preclude UK resident members, the undertaking of business in the UK, the ownership of property or shares and the sale of membership interests within the UK.
A limited liability partnership is a new form of legal business entity with limited liability. The main features of limited liability partnerships are that they have organisational flexibility but are taxed as partnerships. In many other respects they are very similar to companies. The Limited Liability Partnership Act 2000 generally allows two or more persons carrying on a lawful business with a view to profit to form a limited liability partnership by subscribing to its incorporation document - Form LLP 2. (In law, 'person' includes individuals and companies.) However, limited liability partnerships are not available for all activities such as non profit making activities.
Every limited liability partnership must at all times have at least two, formally appointed designated members. (Designated members are analogous to the executive directors and the company secretary of a company). The designated members are responsible for:
With the agreement of the other members, a member may become a designated member at any time. Designated members enjoy the same rights and owe the same duties towards the limited liability partnership as any other member. These mutual rights and duties are governed by the limited liability partnership agreement and the general law. However, the law also places additional responsibilities on designated members.
There can be an unlimited number of members.
By submission of the Incorporation Document Form LLP2, together with the registration fee to the Registrar of Companies.
The following are to be confirmed to the Registrar of Companies on registration of a limited liability partnership: the name of the limited liability partnership:
Yes, for specified categories, which include banking, insurance, financial services, consumer credit related services and employment agencies.
A Limited Liability Partnership incorporated in the United Kingdom has the same powers as a natural person.
One to five days, subject to name approval.
Any name which is identical or too similar to an existing LLP or company; any name which would be considered offensive or suggests criminal activity; or any name that suggests the patronage of the Royal Family or the Government of the United Kingdom.
Restricted names include the use of the following words:- assurance, bank, benevolent, building society, Chamber of Commerce, fund management, insurance, investment fund, loans, municipal, reassurance, reinsurance, savings, trust, trustees, university or their foreign language equivalents for which the approval of the Secretary of State is first required.
Whilst the name of company can be in any language, the documentation must be in English. Any name in a language other than English must be accompanied by a certified translation to ensure that the name is not restricted. However, if the company is incorporated in Wales, documentation in Welsh will be accepted.
Yes, must be maintained in the United Kingdom.
Banking and all financial services activities such as insurance.
No, but disclosure may in certain circumstances be required for accounting purposes. (Accounts must be filed and are available for inspection by the public).
The minimum capital contribution is £ 2.
The members exemption from UK tax is only applicable provided that no business or trade is carried out with or within the United Kingdom.
The tax authorities in the United Kingdom have confirmed that the taxation base of a limited liability partnership will follow the procedure operated in the past for partnerships. The limited liability partnership itself will not be liable for taxation on profits or gains arising within the partnership, but the profits or gains will be assessed to tax separately on the individual partners.
In order to remain this status a limited liability partnership must be a commercial venture operating with a view to profit that is not in liquidation.
The United Kingdom is party to more double tax treaties than any other sovereign state. However, access to treaty benefits for UK LLPs is determined by the residence of members, consequently International UK LLPs established by OCRA Worldwide cannot benefit from UK treaty access.
All UK LLPs are required to file annual accounts with the Registrar of Companies which contain details of.
Accounts must be accompanied by an auditor's report which clearly states the name, date signature of the auditor (unless the LLP is exempt from audit).
There are three sizes of LLP , small, medium or large, and any LLP which does not meet criteria for small or medium is a large LLP which will have to prepare and file full accounts.
A subsidiary can claim exemption from audit if its parent is established under the law of an EEA state, in certain circumstances. The claim should be made to the Registrar before the date on which the accounts are due containing:
For more information on the audit exemptions please follow - http://www.companieshouse.gov.uk/about/gbhtml/gpllp2.shtml
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. OCRA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omissions.
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