UK LLP company
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The British’s law legal system, developed over the centuries, is the basis of common law legal systems used in most Commonwealth countries. British economy is one of the largest in the world. Usually regarded as a mixed market economy, it has adopted many free market principles, yet maintains an advanced social welfare infrastructure.
Limited Liability Partnership combines elements of a limited company and an ordinary partnership that offers limited liability, organizational flexibility, and tax transparency to its members. A LLP agreement is not mandatory, however highly recommended and may be developed by its members according to their own specific needs.
UK LLP is a business entity with members who have limited liability. This means that like a limited liability company the assets of the members will be protected and the members will not be responsible for LLP’s debts.
As a transparent business structure with considerable advantages, LLP is not taxed as a corporation. The members of the UK LLP will pay individual income tax on any earnings generated from the business operations of the LLP. Correctly structured, UK LLP can be a tax free entity.
UK Limited Liability Partnerships are not considered as offshore companies as there is no offshore legislation in UK.
All companies are formed under the same legislation, whether they do business in UK or outside of the territory.
Companies that do not derive any income from sources in UK and have members who are not UK residents arenot subject to tax.
|Type of company||Limited Liability Partnership (LLP)|
|Corporate Legislation||Limited Liability Act 2000 The Income and Corporation Taxes Act 1988 English Common Law|
|Taxation||For Non-resident sourced activities - Corporation Tax – 0%|
|Tax on Dividends – 0%|
|Territorial taxation system 0% for non-residents that do not derive any income from sources in UK.|
|Currency||Standard Currency - Pound sterling - GBP£|
|Share Capital can be in GBP or EUR|
|Paid up capital requirement||No paid up capital required (1 GBP£)|
|Time zone||GMT (UTC)|
|Directors - None required (Members act as Directors/Shareholders)|
|Minimum no. required||2|
|Local Director required||No|
|Location of Meetings||Anywhere|
|Local Secretary required||No|
|Registered office required||Yes|
|Standard Authorized Capital||Not standard but usually 100 GBP£|
|Minimum paid up capital||No|
|Preparation of accounts||Required (can be completed by Consil Formation)|
|Requirement for audit||No|
|Accounts public accessible||No|
|Requirement to file Annual Return||Yes (can be completed by Consil Formation)|
|Need to travel||No|
|Apostille||Yes, Hague Convention 1961|
|Owners||Individuals or Corporate|