Limited Liability Partnerships

A Limited Liability Partnership (LLP) is similar to an ordinary partnership in that a number of individuals or limited companies, known as the “Members”, share in the risks, costs, responsibilities and profits of the business. The difference is that liability is limited to the amount of money they have invested in the business and to any personal guarantees they have given to raise finance. This means that members have some protection if the business runs into trouble.

An Limited Liability Partnership (LLP) does not have a share capital or a set of Memorandum and Articles of Association. Instead, the Members of the Limited Liability Partnership can choose to put in place a Limited Liability Partnership Agreement that binds all the members. This document is not required to be sent to Companies House and is therefore not available to the public. A1 can produce a Limited Liability Partnership Agreement tailored to your requirements (additional costs apply from £200+vat)

Limited Liability Partnerships are treated in the same way as ordinary partnerships insofar as the members are taxed as individuals on the amounts taken from the Limited Liability Partnership’s profits rather than as shareholders becoming liable to Corporation Tax on the dividends paid to them.

Limited Liability Partnerships are commonly used by professional practices such as accountants, lawyers, architects, etc.

Our comprehensive limited company formation package includes the following:

Company Formation with Fast Track Business Bank Account

We have an exclusive agreement with Barclays Bank PLC to open business bank accounts simultaneously with the formation of new companies. Click here for full details.

How to Order

To order a new LLP with or without a fast track business bank account, simply contact us via our enquiry form or call us on    020 8458 9637  .