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3. Limited Liability Partnership Start-Up Principles & LLP Establishment Requirements

Limited Liability Partnership Incorporation

To register a limited liability partnership in the UK there needs to be a minimum of two members; these can be physical people or corporate entities (other companies, partnerships, trusts, etc.). The iLLP ncorporation document should contain the members' details and a signed statement that illustrates that the members are subscribing to carry out lawful business.

It is no longer a requirement that we need to register limited liability partnerships by signing paper forms documents - a process that was strenuous, tiresome, and time consuming. At Coddan, we can now setting up your limited liability partnership within a day by using our new online partnership registration system. This new LLP revelation has made the limited liability partnership an even more attractive business structure, as the incorporation process is hassle-free.

Numerous problems arose from the paper document system, as it could take a long length of time to get the documents to individual partners who needed to sign them. Now, our limited liability partnership formation and limited partnership establishment process is easy for you and your LLP designated members, allowing you to concentrate on the LLP itself rather than the complications of registering it.

There are certain restrictions on the proposed names of an LLP. For example, the name must end in either the initials LLP or the words 'Limited Liability Partnership'. However, the LLP can have the Welsh equivalent at the end of the name if registered in Wales. If the proposed LLP name is already in use, you cannot register your LLP with that name (though it is important to know that you can check the availability of a partnership name through the Coddan' LLPs name check system). You cannot register your limited liability partnership business name if it contains any sensitive words without proper authority.

Partners in a limited liability partnership are not obliged to enter into a formal partnership agreement. In practice, however, they will almost certainly get together to decide on the structure and regulation of all aspects of their limited liability partnership registration, in just the same way as prospective partners in a traditional general or limited partnership. The limited liability partnership agreement they make is then binding on them after the limited liability partnership has not been properly registered with the Companies Registrar. The partnership agreement itself is not registrable with the government authorities and so remains confidential.

If there is no agreement, or the agreement is silent on an important point, then formal default provisions apply in much the same way as the application of the default provisions of the LLP Act 2000. The default provisions of the Act are simple and straightforward.

LLP formation with a partnership agreement: if you will place an order to register a limited liability partnership with us, you get a standard set of an LLP partnership agreement, upon formation of your LLP. Our standard version of the LLP agreement is very widely drawn, and is suitable for most types of business. The parties to an LLP agreement will be the equity partners in the LLP who provide the capital to the limited liability partnership and share the profits, and sometimes the losses of the LLP (their liability is limited to the amount of their capital contribution).

The LLP itself will be a party to the agreement to ensure that it is bound by obligations imposed on it in the partnership agreement. A hardbound copy of our standard LLP partnership agreement is included with your limited liability partnership formation. Additional printed and bound copies of our tailor-made limited liability partnership agreement can be provided, either at the time of original LLP registration or at a later date.