The limited liability partnership (LLP) is a hybrid, a cross between a partnership and a limited company. It makes an ideal format for a professional partnership or a small business where there are at least two members. It is simple to operate and very flexible. Like a limited company, an LLP is a separate legal entity which gives full limited liability to its members. It must be registered at Companies House. There must be at least two members, but there is no upper limit. Like a company, it must register its accounts annually and send an annual return to Companies House.
Our standard LLP formation service at £110.00 + £22 VAT + £13 registration fee = £145 includes our professional LLP formation service (including our own name check and checking the information supplied by you), certificate of incorporation supplied in electronic and hard copy form, LLP data sheet and our standard LLP agreement. Our standard agreement covers such matters as the percentage of the LLP owned by each member, profit shares, rules as to drawing profits, salaries, decision making, conduct of members, accounts, banking, leaving the business (with an option for remaining members to buy out any member who leaves). Company Law Solutions also provides a drafting service for non-standard LLP agreements, which can be used to modify our standard agreement, if required.
Our basic LLP formation service at £61 includes our professional LLP formation service (including our own name check and checking the information supplied by you), certificate of incorporation supplied in electronic and hard copy form, company data sheet, but no agreement. It is intended for solicitors who will supply their own LLP agreement.
The registration of an LLP is subject to the same rules as to its name as a limited company except that is name must end in either "Limited Liability Partnership" or "LLP".