Limited Liability Partnerships offer the individuals who own the entity all the benefits of operating as a partnership but with protection of limited liability. It is the Limited Liability Partnership (LLP) that is responsible for any debts and not the partners
As a Limited Liability Partnership (LLP) provides the flexibility of a partnership, they are particularly popular with professional firms such as Solicitors and Accountants. Other professionals including Chartered Surveyors, Architects and Dentists may also benefit from incorporation as a Limited Liability Partnership (LLP).
The Limited Liability Partnership (LLP) is required to file an Annual Return and Annual Accounts with Companies House.
At least 2 of the Partners of the Limited Liability Partnership (LLP) must be ‘Designated Members’. Designated Members are the ones who bear the responsibility for meeting the statutory requirements of the Limited Liability Partnership such as the preparation and filing of the Annual Accounts and the Annual Return.
There is no requirement for a Memorandum and Articles of Association for an Limited Liability Partnership (LLP). The Partners may however ensure that an agreement exists between the members in the form of a Limited Liability Partnership Agreement. A basic Limited Liability Partnership agreement is available from Company Formations 24.7.
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