FAQs

Full List of FAQs

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Limited Liability Partnerships (LLPs) FAQs

What is an LLP?
It is an alternative corporate business vehicle that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership. The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the members will be limited.

When were they introduced?
The Limited Liability Partnerships Act 2000 and Regulations 2001 came into force on 6 April 2001.

What sort of organisation can become an LLP?
Any new or existing firm of two or more persons can incorporate as an LLP.

Can I incorporate an LLP in Scotland as well as England/Wales?
Yes

Can I convert from being a limited company to an LLP?
The LLP legislation does not allow for a 'conversion process' - in the way that a limited company can convert to PLC status under the Companies Act, for example. Anyone with a current limited company wishing to transfer their existing company name to a new LLP should contact the LLP Team Leader. The process will involve a closely controlled company change of name and an LLP incorporation. Establishing contact prior to submitting the necessary forms will help ensure that this process is completed as smoothly as possible.

What are the LLP disclosure requirements?
They are similar to those of a company. LLPs are required to provide financial information equivalent to that of companies, including the filing of annual accounts. Among other things, they are also required to:

File an annual return
Notify any changes to the LLP's membership
Notify any changes to their members names & residential addresses
Notify any change to their Registered Office Address

What are the duties of a designated member?
Designated members are responsible for carrying out certain duties including some of those that would normally be carried out by a company director or secretary. They include such things as:

Signing the annual accounts
Filing the annual accounts and annual returns with Companies House
In the event of Insolvency proceedings, providing any statement setting out the affairs of the business i.e. assets, debts and liabilities.

How much does it cost to register an LLP?
Registration of a limited liability partnership on its incorporation under the 2000 Act is £20.

How is an LLP taxed?
www.hmrc.gov.uk

Will LLPs be available to charities?
No. LLPs are only available to any lawful business that is carried out with a view to a profit.

Where can I get further help and advice?
Please contact Companies House staff at the addresses below. You should note that staff can only give general guidance. They cannot speculate whether an LLP is the right vehicle for you and your business. You should therefore seek appropriate legal and professional advice.

Please click here to view an interesting and informative general article about LLPs in the Companies House Register magazine (PDF format)

For specific enquiries relating to English/Welsh LLPs, please contact:

Companies House
Crown Way
Cardiff
CF14 3UZ