LIMITED LIABILITY PARTNERSHIPS (LLP)
The United Kingdom - a good international image and convenient corporate & tax planning tools. LTD, LLP, LP from € 750. Read more...
- Limited Liability Partnership (LLP) is a body corporate incorporated under Limited Liability Partnerships Act 2000.
- LLP has a separate legal personality and is liable for its obligations. The liability of members is limited to the amount of their contributions.
- LLP is entitled to conduct any lawful commercial activity (sale of goods, rendering services etc.).
- Minimum number of members (partners) – 2 (natural persons or legal entities of any citizenship or residence).
- LLP has no directors and secretaries. Management responsibilities are distributed between members. A member may be appointed as a managing partner. Other personsmay be authorized to act on behalf of LLP by power of attorney.
- “Tax transparency”: LLP is not subject to tax as a separate taxpayer and does not pay corporate tax in the UK.
- However, the members of LLP are subject to taxation in respect of income received by each of them individually as a result of participation in the partnership. The income of members may be taxed in accordance with the laws of the country or countries of their residence.
- If the members of LLP are the companies registered in tax-free zones (offshore jurisdictions) and LLP does not receive income from sources in the UK, the income of such partnershipis taxedneither in the UK nor in the place of incorporation of partners. LLP in this case appears to be a completely tax-free tool.
- LLP must file annual return and financial statements to the Company Register.
- LLP and its members must file annual tax returns.