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

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