Starting a Business in UK
Are you looking to register your new start-up in a tax advantageous jurisdiction? You can do it in a straightforward and easy way with the help of our Creative Specialists Corporation. We assist you in understanding the stringent laws and also help you to establish your business without any legal glitches. The laws have clear rules that are mandatory and must be strictly adhered to. We break the jargons and simplify the entire process for your business to set and flourish.
INFO ABOUT UK LLP:
Limited Liability Partnership (LLP) is more of a combination of limited liability companies and traditional partnerships. It offers the limited liability available to limited company shareholders combined with the tax regime and flexibility available to partnerships. Members of LLP are able to limit their personal liability if something goes wrong with the business, in much the same way as shareholders in a limited company are able to.
UK LLPs must use the suffix Limited Liability Partnership or LLP to denote limited liability and can use any name unless it includes words such as Empire, Crown, Imperial, Windsor, Royal, Assurance, Bank and alike. ‘International’ – as prefix major activity must be overseas trading, as suffix, company activity must be in 2 or more overseas countries or any other words deemed sensitive or offensive.
A registered office is mandatory for formal communication. It isn’t necessarily a compulsion that the meetings must be held in UK. The incorporation time for a LLP is one working day. LLP in UK is treated differently depending on the jurisdiction. However, it is required of LLP to maintain the needed financial records and must be submitted to the Companies House every year.
A legally binding agreement (Deed of Partnership) between members which lays out the rights and responsibilities of each party to the agreement must be prepared. LLP must have at least 2 members with a minimum capital contribution of £2. The LLP itself is a separate legal entity, owned by the members. This means that the LLP is able to enter into contracts and hold property and the LLP is able to continue in existence independent of changes in membership.