LLP Partnership Registration
Partners in a Limited Partnership can be individuals or corporations.
All members bear limited liability for the debts and obligations of the company only up to the amount predetermined by the partners. Partners and administration in this type of partnership can be individuals of any nationality, and corporations registered in any country, company formation online is common is setting up these kinds of companies from overseas.
A member of an LLP (Limited Liability Partnership) pays taxes only in the country that he resides in. If corporations are members of a partnership, then the taxes must be paid where these corporations are registered.
There are no directors, secretaries, or shareholders in Limited Liability Partnerships.
Despite this, members of a partnership have full rights to appoint professional administrators, who will administer the partnerships dealings in the name of and on behalf of the partners of a Limited Liability Partnership. A limited liability partnership is an independent legal entity and is endowed with the same rights as a limited liability company. A Limited Liability Partnership has the right to conduct any type of activity permitted by law which does not require a special permit.
Main requirements for registration of an LLP in the UK:
- An LLP may be founded by non-residents of the UK.
- The only members of an LLP are the partners, and they manage the affairs of the partnership. Members of an LLP can be individuals or corporations.
- A minimum of two participants is required for an LLP.
- A resident of any country could be partner, regardless of nationality.
- An LLP has the right to own property, and can take out loans in its name.
- The liability of the members of an LLP is limited by their investment in the partnership’s capital.
- An LLP must provide an annual accounting record and annual financial report (we provide accounting services)
- There are no requirements for a minimum capital in an LLP.
- There are no location requirements for member meetings.
Useful links: UK government numbers