Benefits of using the limited liability partnership: an LLP can have a lesser statutory overhead than an LTD and it is a useful structure for those who want the protection of business incorporation but the structure of a more traditional partnership. An LLP can also be attractive to overseas entrepreneurs as it allows members to be either individuals or limited companies. This means that different businesses and people can come together to work on specific projects with the protection of a formal structure.
NO HIDDEN CHARGES
This most economical and coincidentally-friendly solution to form a limited liability partnership for sole traders. You need to have two members and registered address to comply with this option.
We included the following services into this package:
NO HIDDEN COSTS
We prepare most applications in just one hour! Everything you need to get LLP started for your small business, plus all essentials required.
Everything you see listed in the first LLP start-up option, plus:
NO HIDDEN FEES
This most practical and proper solution to establish a limited liability partnership for self employed. You need to have two members and registered address to comply with this option.
This option is for sole traders who want all the traditional trappings of legal UK LLP formation with impressive bound documents:
NEXT YEAR FEE FROM £75.00
One complete year of London registered address and lifetime customer support, free reminders to the annual accounts and returns.
Everything you see listed in the first and the second packages, plus:
Tips how to use an LLP in business: LLPs combine company and partnership law, protecting the personal assets of those involved but allowing profits to be withdrawn almost as a sole trader under the partnership structure. The LLP structure also allows for members to come and go, apart from the initial designated members. With Coddan's nominee member service, though, your limited liability partnership can maintain absolute fluidity.
At Coddan we have deep experience in limited liability partnerships establishment in the UK and can advise on the different structures available. In fact, over the last eight years we have helped set up over 200,000 businesses. Our LLP incorporation services also include free banking introductions for UK customers and also the option for non-UK clients to open EU, UK, Swiss or offshore bank accounts to service the LLPs, including verification of LLP documents by apostille stamp.
Uses of an LLP: forming a business in the UK involves choosing between various company structures and for many the limited liability partnership is an attractive option. The LLP has become established as a common structure for professional partnerships but other entrepreneurs are now coming to appreciate the benefits of the structure. The LLP has many similarities with the limited company (LTD). Both will be registered at Companies House and both will receive a certificate of incorporation. Thereafter, both will have to submit annual accounts and filing annual returns. Both structures also offer the protection of limited liability. There are, however, significant differences between the two structures.
Differences between a limited company and limited liability partnership: LLP must have a minimum of two members, while the LTD can operate with just a single director. The LLP does not have to hold an annual general meeting. There are also differences in the taxation regime that applies to LTDs and LLPs, particularly around the remuneration of directors or members. One significant difference is that LLPs cannot issue shares. This can make it more difficult to raise finance as they cannot sell shares to raise capital. It can also be more difficult to construct an exit strategy and sell or transfer the assets of the LLP.
Uses of an LLP in business: a limited liability partnership (LLP) is a structure that permits a number of partners to work together as if they were a limited company. It's suitable for almost all businesses, from finance activities to bakeries. One of the prime uses of an LLP is that it protects the assets of individual partners so that in the event of such occurrences as debts, negligence or accidents, a partner's assets will not be at risk of being seized. At Coddan, we can help you establish a limited liability partnership quickly and easily, and at highly competitive incorporation rates. Talk to our expert consultants today: + 44 (0) 207.935.5171 or +44 (0) 330.808.0089.
An LLP, or limited liability partnership allows you to work with partners to enjoy the same benefits of a limited company, and can be used in a variety of different circumstances. In many situations, businesses are advised that incorporating an LLP in the Great Britain is suitable for larger enterprises, however, this isn't necessarily true. An LLP can be a useful arrangement in a whole host of different trades and business sectors, from bakers to plumbers and everything in-between.
In essence, a limited liability partnership does what it says on the tin. It provides a professional container for partnerships of any number of individuals who work together. By working together the partners may be at risk of any negligence caused by the carelessness or accident of a colleague but a limited liability partnership protects the assets of each individual member.
You may have heard examples already, of high-level clients using an LLP such as international construction partnerships. If, for example, a building collapsed and caused claims against of the LLP, the members would benefit from liability protection. Limited liability partnerships may also be useful in the event that one of the partners does not actively involve himself in day to day business, such as a "sleeping" partner. Limited liability partnership incorporation is not the long and frustrated process to incorporate a new business as a limited liability partnership, as some other providers describe.