Limited Liability Partnerships (LLPs) retain the flexibility of a partnership with the added advantage that a partner’s personal liability is limited. At least two members must be 'designated members' and the law places extra responsibilities on them.

The formation of an LLP is more complex and costly than that of a conventional partnership. Problems can still arise when there are disagreements between the members. There is also the prospect of paying more tax on high profits than for companies.

The procedure for incorporating a limited liability partnership (LLP) and the controls applied to the use of certain LLP names is included within the guidance published by Companies House entitled Limited Liability Partnerships: incorporation and names.

The guidance also explains how to change an LLP's name after incorporation. This guide applies to all LLPs registered in the United Kingdom (UK) i.e., England, Wales, Scotland and Northern Ireland.

Source: New feed