UK LIMITED LIABILITY PARTNERSHIP (LLP)
Limited liability partnership (LLP) is a legal entity which offers low or no-taxation to businessmen. LLP combines the flexibility and tax – benefits of a partnership while at the same its members have limited liability. This limited liability is possible because a UK LLP is a legal entity separated from its members.
A UK – LLP Company is attractive because of:
- Liability is Limited by the amount of capital contributed
- There are no regulations on share capital — no shares, no minimum set for capital contribution
- The partners in an UK LLP are called members not partners
- All the members of an LLP have limited liability for the debts and obligations of the LLP, whereas the general partners of a Limited Partnership have unlimited liability on a joint and several basis.
- Partnership Agreements are not available to general public
- The members of an LLP can be given full powers of management. In contrast, the limited partners of a Limited Partnership lose their limited liability if they become involved in the management of the Limited Partnership’s business
- Accounts and Annual return must be filed together with various other returns
- Not required to hold, maintain and record details of the Members meetings
- Tax: Treated as an ordinary partnership, partners pay income tax on their share of the profits; they pay capital gains tax on any revenue made on the sale of partnership assets.
Bizserve Consultants can offer the following services:
- Formation of the compan
- Provision of registered office in UK
- Provision of director services
- Provision of Branch Representative in Cyprus
- Provision of nominee shareholders (if requested and/or required)
Relevant information for UK company formation