Limited Liability Partnerships (LLPs)

 Experience in your sector

The LLP structure was introduced in 2001 by the LLP Act 2000 to meet the needs of certain professionals who usually form traditional partnerships, such as accountants, architects, doctors and solicitors. It has the benefit of giving the partners a financial stake in the business’ success while limiting individual liability.

There must be at least two designated members at all times and any number of ordinary members.

The designated members have more responsibilities than a regular member such as account keeping and notifying Companies House of changes in the partnership.

LLPs have proved popular as they can offer greater flexibility than a limited company in terms of altering the rights, duties and profit entitlement of individual members. These rights and responsibilities are normally stated in a partnership agreement. This document will unambiguously outline the internal management structure of the business and the arrangements in place, so avoiding internal conflict and disputes.

Our LLP Company Secretary services include:

• Drafting the initial partnership agreement and making amendments to the agreement
• Managing changes to members and maintaining statutory registers for the LLP
• Annual compliance services such as preparing and filing returns for the LLP
• Meeting management including preparation of agendas, report collation and minute-taking at meetings of the designated members

If you’d like to discuss whether an LLP structure is right for you or you’d like help with the necessary legal paperwork, please get in touch.