UK LLPs

Limited liability partnerships (LLPs) in the UK, have similarities to companies. LLP members are shielded from personal liability for the partnership’s debts unless they guarantee them. Formed under specific procedures, LLPs require a minimum of two members and must operate a lawful business for profit.

Naming conventions for LLPs follow similar rules to companies, with specific suffix requirements. LLPs must register with Companies House and disclose their name on various documents. Members are responsible for running the business and sharing profits or losses.

LLP members are agents of the partnership and presumed to have authority to bind it. Taxation treats LLPs differently from companies, with members taxed individually. The Registrar of LLPs oversees administrative tasks, including membership changes and annual returns.

Governance arrangements are flexible, with default provisions outlining key matters. LLPs must adhere to accounting standards and may be subject to audit requirements. Winding up procedures for LLPs are akin to those for companies, including voluntary liquidation and court-led dissolution.

Read a detailed Article on this subject with the Legislation and Cases, browse Irish Legal Guide  or Contact Us for advice below.