Limited Liability Partnership (LLP), as the name implies, is a partnership structure, wherein partners have limited liability. Elements of corporation also exist with a Limited Liability Partnership (LLP). In this kind of company formation, despite the limited liability, partners can directly manage the business. Quite appropriate in instances where investors intend to be actively involved with the business functioning, a Limited Liability Partnership (LLP) is different from limited partnership, in terms of management options with the investors.

Information specific to UK's norms

Limited Liability Partnership (LLP) is governed by the Limited Liability Partnership Act 2000 in the United Kingdom. It is treated as a corporate body, with member independent existence. The losses are sealed with an upper cap of total investment, as made by the respective members, in case of a Limited Liability Partnership (LLP).

Key differentiation from a typical partnership is offered by the clause which suggests that the Limited Liability Partnership (LLP) is responsible for its debts and not the partners, like in partnership. Two or more persons, with the perspective of generating profits can form a Limited Liability Partnership (LLP), under the applicable act. On administrative grounds, there are more duties involved, thus calling for a comparison with limited company. The Deed of Partnership would essentially outline the member's responsibilities in the Limited Liability Partnership (LLP). 

Incorporation details

To set up a Limited Liability Partnership (LLP) company, it is required to fill in the Form LLP2 and submit the same with the Registrar of Companies, with the registration fee enclosed. Form would require details like name, registered office location / address, member details, designation, etc. A statement of compliance also needs to be appropriately validated by a solicitor (or member).

This form and attached documents would be scanned by the registrar for completion. In an eventuality of no inconsistency, the Limited Liability Partnership (LLP) is formed and documents are placed for public use.

What all to check

The above stated process for formation of a Limited Liability Partnership (LLP) seems quite simple. The issues however can arise, while attempting to select a correct name for the partnership. The name must be unique, not subject to any offense and must not include any unauthorized terms. In addition, checking for the name similarity clause is also essential. This might call for an objection at a later stage, which is least desired. Registered office address is also an issue faced by those seeking offshore company formation services.

To deal with the stated and various other attached strings in the Limited Liability Partnership (LLP), Novik & Co. can be referred to. Novik Ltd's company formation services would handle all explicit and implicit process details for you. Administration and management related and winding up assistance is also part of the Novik's service section.

Additional assistance is offered by virtual office settings, wherein all communications would be forwarded to any desired address via preferred mode. For a reasonable fee, Novik Ltd. would undertake the task of Limited Liability Partnership (LLP) registration.