UK LLP

Limited Liability Partnerships are required to have i) at least two members (who can be corporate members) and ii) one manager. All members of an UK LLP have limited liability over the debts and losses of the partnership; During registration, LLP must submit an Agreement stating i) distribution of profits ii) decision-making authority iii) members’ responsibilities and iv) entry and exist policies;

The LLP must submit a partnership Self-Assessment tax return to HM Revenue and Customs (HMRC). Furthermore, all partners must i) submit an annual personal self-assessment tax return ii) pay income tax on their share of the profits and iii) pay National Insurance;

UK LLP Key Features
Limited Liability Partnerships are required to have:

1. At least two members (who can be corporate members) and one manager.
2. All members of an UK LLP have limited liability over the debts and losses of the partnership;
3. During registration, LLP must submit an Agreement stating:

1. Distribution of profits
2. Decision-making authority
3. Members’ responsibilities and
4. Entry and exist policies;

UK LLP Legal Requirements

UK Limited Liability Partnership	Corporate Details
General
Type of Entity	Limited Partnership (LP)
Registered Office in Canada	Yes
Share capital or equivalent
Standard currency	Canadian dollar
Permitted currencies	Any
Minimum paid up	None
Usual authorized	None
Directors | Officers | Partners
Minimum number	2 (1 limited partner, 1 general partner)
Local required	Yes (1 general partner/director)
Location of meetings	No
Corporate directorship allowed	Yes
Accounts
Requirements to prepare	Yes
Audit requirements	No
Requirements to file accounts	Yes
Publicly accessible accounts	Yes

UK LLP Tax Treatment
UK LLP is a Tax exempted business entity.

UK LLP Advantages
The main advantage of a limited liability partnership is that is legally tax-exempt business entity.

The Valsen Advantage

1. End to end comprehensive service
2. Speedy and efficient service
3. Expert advice on structuring options
4. Dedicated ongoing compliance support
5. Extensive network pool of service providers