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LLP Introduction
A Limited Liability Partnership has many similarities with a standard incorporated company however it can adopt the organisational flexibility and tax requirements typical of a non limited partnership. An LLP will not have directors or shareholders just members. The LLP should have a partnership agreement in place that will set forth the terms of the agreement.
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Setting up an LLP Company (Start Here!)
Setting up an LLP is now easier than ever. Our online
LLP Formation Wizard enables you to enter your chosen name, registered address and member details. We then link directly into Companies House to present the information to an examiner. Typically we can form a new LLP within 4 working hours of submission.
OK to get started you will need to start filling out the LLP Wizard from the link below. Don't worry if you want to stop and come back later, all the information is automatically saved and you can log in later to continue with your application.
Once you have completed the LLP Formation Wizard and you have obtained a company registration number then you will need to create your partnership agreement.
The Limited Liability Partnership Agreement
As a company formation agent we are able to provide a professional LLP Agreement. This document will provide a legal framework that stipulates the duties and general conduct of the company members. Here are the key areas in the agreement:
- Names and addresses of the current members
- Registered office location
- General business activities the LLP will engage in
- When the agreement will commence and for how long
- Filing of accounts
- Banking arrangements
- Invested capital
- Division of profits and losses
- Drawings
- Members duties
- Holiday entitlement
- Decision making procedures
- Resitrictions and conduct
- Resignation of members
- Indemnity
- Winding up procedures
- Arbitration
The limited liability partnership agreement can be downloaded from our website and used in conjunction with this guide.
Click here to download the LLP Agreement £29.99 + vat
Please note that a discount will be available to individuals purchasing the LLP Agreement via the LLP Formation Wizard.
For guidance on completing the LLP Agreement please refer to our LLP Agreement Guide.
LLP Agreement Completion Guide >>
Finalising the Incorporation
As soon as you obtain a certificate of incorporation you can consider the LLP to be fully incorporated. Each member must now sign the partnership agreement and a copy should be retained at the registered office address.