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Setting-up a dormant LLP and main uses of a dormant LLP: our dormant LLP set-up package is ideal for UK and international customers, who will use a dormant LLP for the following purpose(s): -
1. To protect a business name, or to be the owner of the domain name(s)
2. To own an asset such as land or intellectual property
3. To hold shares of other companies' shares (including business entities registered in other countries)
4. To use an entity as the management partnership (property or business management purpose)
5. To use a dormant entity as the corporate director, shareholder, or as the secretary in other companies
If your LLP partnership is not yet active - in other words, it is not yet carrying on business activity or trading - you will need to tell HMRC when it does become active.
Government & legal regulations are strict, however, many people mistakenly think they can just setting up a dormant LLP and leave it. Fines, penalties and charges are substantial for failure to submit annual returns & annual accounts, in the event that the Company's Registrar decides to strike-off an LLP, can create negative records for designated members at Companies House.
Coddan can manage the completely new dormant LLP set-up & post-incorporation services, to ensure that you will have no unforeseen personal liabilities and personal risks. Our comprehensive starting up service covers the initial setting-up of the dormant limited liability partnership or start-up a non-trading partnership, including the government incorporation fee, provision of the registered office address at Baker Street in London, and much more. Should you need further information or assistance how to set-up an LLP in the UK, kindly contact us by phone or e-mail.
Please be reminded that failed to file your LLP account by the deadline given by Companies House, your LLP must pay late filing penalty: -
Failure to file accounts is a criminal offence which can result in the designated members being fined personally in the criminal courts. In addition, the registrar may take steps to strike the LLP off the public record. Failure to pay a late filing penalty can result in enforcement proceedings. If you need to set-up a dormant LLP, we can do it for you within one business day.