Limited Liability Partnerships : Life of a Limited Liability Partnership

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Company Guidance
Incorporation and Names
Incorporation and Names
Life of a Company - Part 1Annual Requirements
Life of a Company - Part 1 Annual Requirements
Life of a Company - Part 2 Event Driven Requirements
Annual Requirements Driven Filings
Strike off, Dissolution and Restoration
Strike off, Dissolution & Restoration
Late Filing Penalties - 2
Company Registration Name: Late Filing Penalties
Strike off, Dissolution and Restoration
Company Registration Name: Registrar's Rules and Powers
Strike off, Dissolution and Restoration
Company Registration Name: Restricting The Disclosure Of Your Address
Incorporation and Names
Limited Liability Partnerships
Limited Liability Partnership Incorporation and Namess
Limited Liability Partnership Incorporation and Names
Life of a Limited Liability Partnership
Life of a Limited Liability Partnership
Limited Liability Partnership Strike off, Dissolution & Restoration
Limited Liability Partnership Strike off, Dissolution & Restoration
Limited Liability Partnership Late Filing Penalties
Limited Liability Partnership Late ;Filing Penalties
Limited Liability Partnership Late Filing Penalties
Limited Liability Partnerships Liquidation and Insolvency
Other Legislation
Other Legislation
Oversea Companies registered in the UK
Overseas Companies registered in the UK
Limited Partnership
Limited Partnership Act
Limited Liability Partnership Strike off, Dissolution & Restoration
Newspaper Libel and Registration Act
Limited Liability Partnership Late Filing Penalties
European Economic Interest Groupings
Conducting Business in Welsh
Conducting Business in Welsh
The European Company: Societas Europaea (SE)
The European Company: Societas Europaea (SE)
Cross Border Mergers
Cross Border Mergers
Liquidation and Insolvency
Liquidation and Insolvency
Incorporating a company
company  registration

Limited Liability Partnerships : Life of a Limited Liability Partnership

 

There are formalities to maintain, so that a Limited Liability Partnership once registered stays on the registrar’s list. We have tried to summarize the obligations of a Limited Liability Partnership towards the Companies House. If you’re in any way connected to a Limited Liability Partnership firm in the United Kingdom, you will want to go through this document. The designated members of a Limited Liability Partnership firm are personally responsible and bound by law to submit the annual reports, returns, and accounts to the Companies House. Failing which, they can be prosecuted by a court of law. Also, there are civil penalties for late submissions. It is only by fulfilling these annual duties that you can avoid any actions against your firm and thus increase the life of your partnership.

An LLP must at all times maintain register with records of its members and their residential addresses. Again, the number of designated members of an LLP must never go below two. If it does, the law will assume that all the members of the firm are designated members. The status of an individual member can be amended at any time; but the Companies House must be duly notified of such a change. Apart from a register of members, an LLP must also maintain a register of debenture holders (of course, in cases when they issue debentures) and a register of charges (when the partnership enters into a charge); and these registers must always be available for inspection at the registered office or at an alternative location agreed upon by the Companies House.

Designated members of an LLP are responsible for sending an annual return within 28 days of it being made, failing which the registrar may strike the name of the business off of the index. This annual return includes the name of the LLP, its registration number, the date when the return is made, the registration address, any alternative address, and details of all members. The date when the annual return has to be made is decided by considering the date of incorporation of the LLP or the date of the previous annual return. Apart from the annual return, an LLP must prepare accounts about the activities of the partnership at the end of every financial year. In case of LLPs, the financial year usually ends with the last day of the month it was incorporated in. An LLP can change this accounting reference date by following the procedure laid down by the law. Also, an LLP can take a maximum of nine months from the end of its financial year to submit an accounts report. These nine months again can be extended to a maximum of eighteen months. For first accounts reports, however, the time-period designated are 21 months from the date of incorporation or 3 months from the end of the financial year whichever is greater.

A partnership must maintain a record of its accounts for the previous three years at all times; showing assets, liabilities, and entries for money credited or debited. This record must be kept at the registered office of the partnership or at an alternative location, previously agreed upon, for inspection purposes. Also, the accounts report duly signed by a designated member and accompanied by an auditor’s report must be circulated to all the members and debenture holders of the partnership. Of course, accounts must be conveyed to the Companies House as well. Designated members may choose to either file the same copy with the Companies House, or file an abbreviated version of the same.

Failing to submit the accounts reports on time is a criminal offence and is also attached with a late fee. If the filing deadline is on a holiday, the accounts have to be submitted before that day. Also, after submission the Companies House may reject an accounts report; and it does not sanction any extra time for reviewing. As such, it is advisable to submit the report well within time of the deadline. LLPs are categorized as small-sized, medium-sized, and dormant and the requirements for their accounts reports vary accordingly.

An LLP must appoint an auditor for every financial person. Auditor is the person who evaluates the accounts report and certifies that it has been prepared according to the norms of the Companies Act, 2006. The auditor’s report as mentioned earlier has to accompany the accounts report to every member and to the Companies House.

Charges and mortgages that are incurred by the LLP must be registered at the Companies House within 21 days of the creation of the charge. Charges that are included under this category are a little different for Scotland as of the rest of UK. However, in general, these charges may include charges on land, a security over a ship or aircraft or any share in a ship, a floating charge, among others.

Detailed information about these are available at the website maintained by the Companies House.



Company Guidance:

Incorporation and Names

  1. Incorporating a company
  2. Choosing a company name
  3. Sensitive words and expressions
  4. Objections to company names
  5. Directors and secretaries
  6. Public companies
  7. Community Interest Companies
  8. Right To Manage companies and Commonhold Associations
  9. Disclosure of company name and specified other information
  10. Business names

Life of a Company - Part 1 Annual Requirements

  1. Annual Return
  2. Accounting reference Dates
  3. Accounting records
  4. Accounts for your members
  5. Accounts for Companies House
  6. Small company accounts
  7. Medium-sized company accounts
  8. Dormant company accounts
  9. Partnership accounts
  10. Community Interest Company
  11. Auditors

Life of a Company - Part 2 Event Driven Requirements

  1. Directors and secretaries
  2. Change of registered office
  3. Company records
  4. Resolutions
  5. Change of company name
  6. Change of constitution
  7. Share capital
  8. Re-registration of a company
  9. Charges & mortgages (England and Wales, Northern Ireland)
  10. Charges and mortgages (Scotland)

Strike off, Dissolution and Restoration

  1. Voluntary strike off and dissolution
  2. Companies no longer carrying on business or in operation
  3. Restoration by court order
  4. Administrative restoration

Late Filing Penalties - HOME

  1. Late filing penalties explained
  2. How to avoid late filing penalties
  3. Once a penalty has been imposed?
  4. Late filing penalty appeals

Late Filing Penalties - HOME

  1. Powers which relate to the delivery of information r
  2. Powers to amend the register
  3. Other registrar powers

Strike off, Dissolution and Restoration

  1. Grounds of the application
  2. Application by an individual to restrict the disclosure of their residential address
  3. Application by a company, LLP or overseas company to restrict the disclosure of its officers addresses
  4. Application by a subscriber of a proposed company or proposed member of a proposed LLP
  5. Application by an individual to make an address unavailable for public inspection
  6. Application by a company to make the addresses of its members unavailable for public inspection
  7. Application by a person who registers a charge to make an address unavailable for public inspection
  8. The registrar s decision

Limited Liability Partnerships:

Limited Liability Partnership Incorporation and Names

  1. Incorporating an LLP
  2. Members and designated members
  3. Choosing an LLP name
  4. Sensitive words and expressions
  5. Change of LLP name
  6. Objections to an existing LLP name
  7. Disclosure of the LLP name and other information

Life of a Limited Liability Partnership

  1. Members and designated members
  2. Registered office
  3. LLP records
  4. Annual return
  5. Accounting reference dates
  6. Accounting records
  7. Accounts for the members
  8. Accounts for Companies House
  9. Small LLP accounts
  10. Medium -sized LLP accounts
  11. Dormant LLP accounts
  12. Auditors
  13. Charges and mortgages, LLPs registered in England and Wales or in Northern Ireland
  14. Charges and mortgages, LLPs registered in Scotland

Limited Liability Partnership Strike off, Dissolution & Restoration

  1. Voluntary striking off and dissolution
  2. LLPs no longer carrying on business or in operation
  3. Restoration by court order
  4. Administrative restoration

Limited Liability Partnership Late Filing Penalties

  1. Late filing penalties explained
  2. How to avoid a late filing penalty
  3. What will happen when a penalty has been imposed
  4. Late filing penalty appeals

Limited Liability Partnerships Liquidation and Insolvency

  1. General insolvency information
  2. Voluntary arrangements
  3. In Administration & Administration orders
  4. Receivers
  5. Voluntary liquidation

Limited Liability Partnership Liquidation and Insolvency (Scotland)

  1. General insolvency information
  2. Voluntary arrangements
  3. In administration' and 'administration orders
  4. Receivers
  5. Voluntary liquidation

Other Legislation:

Oversea Companies registered in the UK

  1. Registration
  2. Delivery requirements
  3. Disclosure requirements
  4. Insolvency, winding up and closure

Limited Partnership

  1. Limited partnership registration
  2. Further Information

Limited Liability Partnership Strike off, Dissolution & Restoration

  1. Newspaper registration
  2. Further Information

Limited Liability Partnership Late Filing Penalties

  1. About EEIGs
  2. How to register an EEIG
  3. Further Information

Conducting Business in Welsh

  1. Welsh Companies and Limited Liability Partnerships
  2. Translations and Bilingual Information
  3. Quality of Documents

The European Company: Societas Europaea (SE)

  1. About SEs
  2. Formation
  3. Names
  4. Administration and management
  5. Further information
  6. Glossary
  7. Appendix A - List of public and private limited companies in each Member State

Cross Border Mergers

  1. Companies House procedures for a cross-border merger
  2. Further Information

Liquidation and Insolvency

  1. General information
  2. Corporate voluntary arrangements (CVA) including CVA moratoria
  3. In administration and administration orders - Cases beginning on or after 15 September 2003: In administration
  4. Receivers
  5. Voluntary liquidation
  6. Compulsory liquidation
  7. European cross-border insolvency proceedings
  8. Frequently asked questions
  9. Quality of documents
  10. Further information

Liquidation and Insolvency (Scotland)

  1. General information
  2. Corporate voluntary arrangements (CVA) including CVA moratoria
  3. In administration and administration orders - Cases beginning on or after 15 September 2003: In administration
  4. Receivers
  5. Voluntary liquidation
  6. Compulsory liquidation
  7. European cross-border insolvency proceedings
  8. Frequently asked questions
  9. Quality of documents
  10. Further information

Incorporating a company:

Incorporating Company

Product and Services Price List

Online Company Formation, Online Company Registration

FAQs - Topics Companies House

Certificate of good standing  |  Legalisation of certificates given by the Registrar of Companies  |  Registering A New Company  |  General Document Questions  |  Limited Liability Partnerships  |  Change Of Company Name Resolution  |  Companies Administration, Objections And Directions  |  Company Charges & Mortgages |  Prosecuting Solicitors Office  |  Late Filing Penalties  |  Liquidation & Insolvency  |  Striking Off, Dissolution & Restoration  |  Disqualified Directors Register  |  Registration of a Compromise or Arrangement - a Scheme of Arrangement  |  Companies House Policy on SE s (European Companies)  |  Accounting Services - Financial Republic

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