Valsen Corporate

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