Limited Liability Partnerships - Post Incorporation

After incorporation the members have an obligation to file information and documents at Companies House, these are similar to those of a Limited Liability Company. LLPs are required to provide financial information equivalent to that of companies, including the filing of annual accounts. Among other things, they are also required to:

This is the same as for those businesses currently operating as a limited liability company but represents a higher level of reporting than the conventional form of partnership. It therefore has to be a commercial decision of the partners whether to incorporate as an LLP and obtain the benefit of personal limited liability but sacrifice the degree of privacy usually afforded to conventional partnerships that have traditionally been able to keep accounts and partnership information confidential.

LLPs will be required to produce and publish financial accounts with the same level of detail to a similar sized limited liability company and will also have to submit accounts together with an annual return to the Registrar of Companies each year. This filing requirement is far more demanding than the publication position for normal partnerships and some accounting rules could lead to different profits from those of a conventional partnership.

There is more information available in our FAQ’s

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