There is no statutory procedure for re-registering a limited liability partnership (LLP) as a company limited by shares. It is not possible to to convert the same corporate entity from one type to the other. It is possible, however, to create a new limited company under the same name and then to transfer the undertaking and assets from the 'old' LLP to the new limited company. The new company will be a separate legal entity, with a different company number from the previously existing LLP. It will need a new VAT registration and existing long-term contracts, such as leases, bank arrangements, etc. will have to be renewed or assigned.
The procedure would be:
From an accounting point of view the most convenient date for the transfer will usually be at the end of the existing company's financial year so that accounts can be drawn up for whole years.
Changing from an LLP to a limited company will have tax consequences both in respect of the transfer and the way the business is taxed in the future. We cannot give tax advice and we strongly recommend that this course is not undertaken without proper accountancy advice.
The Company Law Solutions service will include:
Most conversions of this type will be covered by our benchmark price for this service. Please see our prices guide. The registration of the company will include our standard articles of association, but special articles may need to be drafted. If any special requirements are provided there may be additional costs.