LLP company(limited liability partnership)
If you are planning to start a new business - and you have a partner, the limited liability partnership is an option for you. The limited liability partnership gives the limited liability protection of a traditional private company limited by shares, but with two distinct advantages:
First, the limited liability partnership does not have the standard articles that are filed with a private company limited by shares. The articles are rules for the operation of a private company limited by shares, which are strictly governed by statutory law. If you set up a limited liability partnership, you do not have articles, rather you execute what is known as a limited liability partnership membership agreement which allows you much more flexibility to create procedures for the operations of the business by you and your partner.
This agreement is extremely important as it is where you set forth your capital contribution, the amount you agree to contribute to the start up of the new business and your personal liability is limited to this stated amount. You also state each member/partner’s rights to the profits of the limited liability partnership in this agreement.
Second, the limited liability partnership company’s profits pass through to the members who report these earnings on their personal tax returns. This pass through avoids the corporate tax assessed on the profits of a private company limited by shares before the profits are distributed as dividends to the shareholders and can result in great tax savings as a result of the lower tax burden.
With this package we prepare the company formation documents for your signature. Thereafter, within 10 to 14 working days after placing your order, your complete company documents are ready for collection or delivery. The company documents include:
- Certificate of Incorporation Printed on the Legally Required Card
- Paper Copy of Formation Documents
- Organisational Meeting Minutes
- The Legally Required Statutory Registers
- Paper Membership Certificates
- A Company seal
- Professional Quality Binder to Maintain the Company Records
REMEMBER!!!! To make sure the limited liability partnership has the rules and regulations in place to ensure the members’ protection from personal liability, to make sure the profits are distributed as per the agreement of the members, and to make sure that the company is operated as you want with the most tax savings, you must also execute a limited liability partnership membership agreement. We can prepare this agreement for £199 if ordered with the company. This price includes any changes you need to ensure that the agreement properly reflects the rules and agreements with which, you, the members, choose to operate the company.
ADDITIONAL COMPANY FILING PACKAGES
Included in our fees are the filing fee, a name search and our fee. All you need is a company name, an address in England or Wales (we will provide for you if you do not have any) and a minimum of two members. All you have to do is give us the information, make payment, and we go to work for you.
MORE SERVICES FOR YOU
If you need an address in England or Wales, we can provide one for you. Please note that we do not recommend that you use your residential address as the registered office address for the company as it becomes a part of the public record which means any one can access your home address, be that creditors, problem clients or companies offering solicitations. Our registered office/general counsel service is only £144 (£12 per month).