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Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a popular business structure for professional firms such as accountants, solicitors, consultants, and advisors, offering flexibility while protecting individual partner liability.
If you’re planning to form a UK Limited Liability Partnership, Companies MadeSimple makes the process simple and stress-free. Our LLP formation packages include a range of services designed to streamline registration and support your business from day one.
We focus on making the LLP setup quick, efficient, and fully compliant, allowing you to concentrate on growing your business. Whatever your objectives, our experienced team is here to guide you every step of the way.
What Is a Limited Liability Partnership (LLP)?
A Limited Liability Partnership is a business structure that combines the operational flexibility of a partnership with the limited liability protection of a company. An LLP is taxed as a partnership, while still being treated as a separate legal entity, similar to a private limited company.
What Does Limited Liability Mean?
An LLP is legally separate from its members. While the LLP itself is responsible for its debts and obligations, each member’s personal liability is limited, protecting personal assets beyond their investment in the business.
Legal Requirements for an LLP
To form a UK LLP, the following requirements must be met:
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A minimum of two members is required
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Members must intend to carry out a lawful business with the aim of making a profit
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There is no maximum limit on the number of members
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Members do not need to be UK residents
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A UK-based registered office address is required (PO Boxes are not permitted)
Who Is Responsible Within an LLP?
Similar to a limited company, LLP members are generally not personally liable for the business’s debts. Provided there is no fraud or wrongful trading, members cannot lose more than the amount they have invested in the partnership.