English Limited Partnership LLP

Name

Must end with the abbreviation “LLP”. When registering a company of any type in the UK, restrictions on names are relatively numerous – without special permission, it is not allowed to register in the UK a company whose name contains the words “Bank”, “Insurance”, “Trust”, “Assurance”, “Building Society”, ” England”, “European”, “British”, “Irish”, “Royal”, “King”, “Queen”, “Duke”, etc. The use of the words “National”, “International”, “Holding”, ” group”, etc.

Local address

A local registered (legal) address is required. This must be the actual address (business address) in England, not a PO box, etc. All official messages will be sent to the legal address, for example, letters from the state register - Companies House. This must be a physical address in England. It is possible to use a PO Box, but you must still include the physical address and zip code.

Structure

There are no shareholders, directors and secretaries in the partnership structure. Created by two parties: one managing partner with unlimited liability and one or more partners with limited liability. Partners can be individuals of any citizenship and residence and legal entities registered in any country in the world. Partnership shares are distributed among partners in equal or equal shares. The functions of the director are usually performed by the general partner. The founders have the right to appoint managers who will manage the affairs of the partnership on behalf of and on behalf of the partners of the LLP. Managers (attorneys) can only be natural persons.

Nominee services

Payment of any capital at the establishment is not required. In the structure of LLP there is no authorized capital in the usual sense - funds invested by partners are used (the amount of investments is determined by the partners themselves). The minimum authorized capital is usually 100 shares, each of ?1. Shares - registered, with an indication of the nominal value. At least one share issue is required. The authorized capital is not paid upon registration.

An LLP is not a corporate tax payer in the UK. In times, as a partnership of many foreign participants and the company does not operate in the UK, the tax on the territory is not blamed, and the participants are guilty of self-sustaining their taxes on goiter in the country of registration. If partners are offshore companies, then the stench is called for taxes, because they do not conduct activities on the territory, de stench is registered. For English legislation in such a partnership, the rulers and managers do not bear special responsibility for yoga borgs and goiter. In this rank, a tax-free company with “English guises” is created. In order to obtain a VAT number, it is necessary to document that the company’s turnover has exceeded or will soon exceed 85,000 (the registration threshold for 2017 is roci). In case of voluntary VAT registration, the registration authority asks for additional information – type of activity, contact details of the company and business partners in Europe.

Each company registered in the VAT system must submit quarterly reports to the UK tax authorities - HMRC. If an English company submits zero reports for several reporting periods in a row, then there is a possibility of its exclusion from the register of VAT payers and cancellation of the number. Value Added Tax (VAT) is levied in the UK at a rate of 20% (2017). When trading with partners from EU countries who also have a VAT number, a 0% tax rate applies. It is possible to obtain EORI (Economic Operator Registration and Identification) - a unique identification number assigned to entrepreneurs engaged in foreign trade when registering in the Entrepreneur Registration and Identification System. It is used to identify entrepreneurs and other persons when communicating with customs authorities.

Whether an LLP conducts business in England or elsewhere in the UK, the law requires accounting and financial reporting in England. For most LLPs, there is a requirement to file an annual return every 12 months after incorporation. The submission of the financial report (Annual Accounts) to the tax service (Inland Revenue Service), as well as the annual report (Annual Return) to the Register of Enterprises (Companies House) is carried out annually.

Since LLPs are offshore companies, we file a report showing that the member companies and the partnership itself did not conduct business in England. The report is submitted on the basis of the beneficiary’s declaration, drawn up in a special form. A copy of the annual accounts is also publicly available online on the Registry website. Every VAT registered company must file quarterly returns with the UK tax authorities.