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| NAME REQUIREMENTS | | Name Restrictions (Requires Approval) |
Must end with LLP. Restricted names include the use of the following words:- assurance, bank, benevolent, building society, Chamber of Commerce, fund management, insurance, investment fund, loans, municipal, reassurance, reinsurance, savings, trust, trustees, university or their foreign language equivalents for which the approval of the Secretary of State is first required. | | SHARE CAPITAL | | Currency | GBP | | Minimum Paid up Capital | £2 | | Authorised share capital | Not applicable | | Bearer shares | Not applicable |
| Public Register of shares | Not applicable | | DIRECTORS | | Minimum Directors | Not applicable | | DESIGNATED MEMBERS | | Minimum members | 2 | | COMPANY SECRETARY | | Company Secretary | Not applicable | | Local Requirements | Must maintain a local Registered Office. | | ACCOUNTS | | Filing of accounts | Required | | Audit Required | Audit exemption for small companies*. | | Filing of Annual Return | Required | | BANK ACCOUNT | | Bank account opening Requirements | -authenticated passport (must be current and valid) and
-One/two copy of your most recent utility bill to prove your current residency.
-Letter from an accountant
-Letter from secretary
| | Time to open a bank account | 3-5 working days | | TAXATION | | The members exemption from UK tax is only applicable provided that no business or trade is carried out with or within the United Kingdom.
The tax authorities in the United Kingdom have confirmed that the taxation base of a limited liability partnership will follow the procedure operated in the past for partnerships. The limited liability partnership itself will not be liable for taxation on profits or gains arising within the partnership, but the profits or gains will be assessed to tax separately on the individual partners.
In order to remain this status a limited liability partnership must be a commercial venture operating with a view to profit that is not in liquidation.
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All UK LLPs are required to file audited accounts with the Registrar of Companies if:
1. A parent limited liability partnership or subsidiary undertaking (unless dormant for the period during which it was a subsidiary) except where the group:
- Qualifies as a small group or would qualify if all bodies corporate in the group were companies; and
- the turnover for the whole group is not more than £1 million net or £ 1.2 million gross; and
- the group's combined balance sheet total is not more than £1.4 million net (£1.68 million gross).
2. A member of a group in which any member is:
- a public company or body corporate which (not being a company) has power under its constitution to offer shares or debentures to the public;
- a banking or insurance company;
- an authorised person under the Financial Services Act 1986.
3. An authorised person or appointed representative under the Financial Services Act 1986.
4. A special register body or employers association under the Trade Union and Labour Relations (Consolidation) Act 1992.
The annual accounts must contain details of:
- Qualifies as a small group or would qualify if all bodies corporate in the group were companies; and
- the turnover for the whole group is not more than £1 million net or £1.2 million gross; and
- the group's combined balance sheet total is not more than £1.4 million net (£1.68 million gross).
2. A member of a group in which any member is:
- Turnover; balance sheet signed by the designated members: an auditors' report signed by the auditor (if appropriate); notes to the accounts; and group accounts (if appropriate).
- profit and loss for the year before members' remuneration/profit shares.
- where the profit figure exceeds £200,000, the amount attributable to the member with the largest profit share.
- aggregate capital or loans put in by members and aggregate amounts withdrawn during the year by members.
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