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Limited liability partnership

What is a limited liability partnership?

A Limited Liability Partnership (LLP) is often considered the mid-way point between a traditional partnership and a limited company. An LLP has partners, rather than directors and shareholders. A deed of partnership sets out the rules, including the profit share and any delegated authority to specific partners. The partners are taxed as self-employed individuals, as an LLP does not pay corporation tax or pay dividends.

There are two significant advantages of being incorporated as an LLP:

(1) Liability

Unlike a traditional partnership, an LLP is not liable for the debts of a company unless they have wrongfully traded or have a personally guaranteed debt. The liability in general (for example, the work completed) is also limited to the LLP and not the individual partner.

(2) Professionalism

Unlike a traditional partnership, an LLP has a registration number and is listed on the register of companies, which can be viewed by the public. This grants a more professional image and may allow you to work with larger companies.

What must be on my application to register a limited liability partnership?

To form an LLP, you must have a minimum of two members and a UK registered office address (this cannot be a PO box).

When you register a company as an LLP, you must inform HMRC. An annual partnership tax return must be filed, and one member must be nominated to take responsibility for this. As an LLP exists to create profit, this structure is not appropriate for not-for-profit organisations or charities. For these, you must set up a limited by guarantee company or a limited by guarantee company with charity articles , respectively.

How do I set up a limited liability partnership?

A limited liability partnership must be registered with Companies House, for which you can use our online service . Simply click on the “Set up a Limited Liability Partnership Today” button, fill in your details and we’ll form your business with Companies House and send you all the paperwork you need to get started!

Set up a limited liability partnership - £34 +VAT

LLP registration package

Are you a professional looking to set up a limited liability partnership? Mint Formations can handle the entire process for you and offer a wide range of extras, including an online company manager portal to access everything you need for your business in one place.

Set up a limited liability lartnership today

LLP registration for international customers

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