Formation of a company is a critical stage of any business. Depending on the type of the business and the expectations of the partner(s) the type of the formation can differ. If you are a professional and wish to open company with one or more partners (probably in the same area of expertise) the best option is setting up a Limited Liability Partnership .
What is Limited Liability Partnership?
Generally, we encourage large professional partnerships (including accountants, engineers etc.) to go for Limited Liability Partnership when they want to open company. These partnerships don’t demand the articles of association and hence the registration process is relatively easier. However, to open company as an LLP, you must have at least two designated partners/members. These partners are expected to engage in the related statutory tasks and correspond with Companies House. Some of the Limited Liability Partnerships don’t have large number of partners and there is no burden to assign all of them as designated members according to the Companies Act. Depending on the status of the Companies House, your Limited Liability Partnership can be formed within 24 hours and have it functioning.
Benefits of Limited Liability Partnership
- In contrary to the other business partnerships, Limited Liability Partnerships allow to limit the personal liabilities for issues like employee liability.
- Unlike other partnerships, Limited Liability Partnerships offer better flexibility when it comes to voting rights to its partnership assets at the end of the partnership. This particular flexibility becomes pretty handy when there is a change in the composition of the partners.
- Compared to open company, taxation becomes more flexible with LLPs.
The process of Setting Up a Limited Liability Partnership
In general, like when you do in an open company, you must have all the forms filled appropriately and submit them to the Companies House. Upon receiving duly filled forms, the Registrar of Companies may issue a Certificate of Incorporation. However, it is exceptionally important to fill these forms with accuracy to prevent unnecessary delay.
Moreover, prior to issuing the Certificate of Incorporation, Companies House will check with the index to verify if the company name you proposed already exists. As an experienced service provider that has in-depth knowledge about the process of the Companies House, we ensure to submit the duly filled forms and get the response as soon as possible.
If the documents are in order and all the forms are filled accurately, we will do our best to complete the formation process within 24 hours. However, depending on the type of the day at Companies House, the deliverance will slightly vary.
If you expect to form a partnership as a Limited Liability, you can contact our experienced professionals at your convenience. They are willing to share their expertise and assist you towards a swift and hassle free partnership formation.
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