Before attempting to register or to form your LLP, it is important that you check if the proposed name for your business entity is available for the registration. In the event that the proposed name is unavailable - or too similar to an existing limited liability partnership or a private company, you will not be able to incorporate an LLP with that name. Instead, you will need to provide an alternative limited liability partnership name for the further name check.
Sometimes, it is possible to establish an LLP with an alternative corporate name, with the inclusion of another word, for example: 'My Business LLP' may be too similar to another company or identical to it; but the 'My Business London Limited' may make it acceptable.
If there may be changes to the profit sharing, for example the admission of a new member, a change in the working hours or the retirement of a member, an LLP should be seriously considered. This is because of the tax charges that can apply to changes in the shareholdings in a limited company. If it is clear that there will be no change in the ownership or profit sharing arrangements of the business for a long time, there are likely to be taxation advantages to a limited company.