Lexon Incorporations: Corporate, accounting, trust
Lexon Incorporations: Corporate, accounting, trust
England (UK): Limited Liability Partnership

General information about the country

The history of the United Kingdom of Great Britain and Northern Ireland is one of the richest and most interesting in the world.

The current status of the UK is based on three significant political agreements:

Today, the United Kingdom is one of the most important countries in the global economy. The capital, London, is one of the leading financial and business centres in the world.

Legislation

Common law was founded in the United Kingdom with many laws having long validity historically such as the Public Notaries Act 1801 (as amended) which operates to this day.

The registration of companies in England and Wales is carried out by the Companies House for England and Wales.

Corporate characteristics:

Main:
Company typeLimited Liability Partnership
Corporate legislationLimited Liability Partnerships Act 2000
Language of company documentsEnglish
Corporate endingLimited Liability Partnership, LLP
Authorised capital:
Minimum amount2 GBP
Standard amountGBP 1,000
Standard currencyGBP
Permitted currenciesAny
To be paidNo regulations
Members:
Minimum number2
Maximum numberNo restrictions
Publicly accessible recordsYes
Directors:
Minimum numberNot considered by law
Local directorNot considered by law
StatusNot considered by law
Publicly accessible recordsNIL
Secretary:
Minimum numberNot considered by law
Local secretaryNot considered by law
Publicly accessible recordsNIL
Reports:
Filing an Annual ReturnYes
Fiscal yearEnds at the last day of anniversary month
Financial StatementsYes
Publicly accessible Financial StatementsYes
AuditorDepending on criteria (see below)
Filing a Tax ReturnYes
Corporate taxation:
On trading incomeLLP is not considered as separate taxpayer
On passive incomeLLP is not considered as separate taxpayer
Double Tax Treaty network:Not applicable for LLP with non-UK members

Additional information on taxation

The corporate tax rate in the United Kingdom has decreased in recent years being 30% in 2008 and 21% in 2014.

Meanwhile, the LLPs are generally not treated as separate taxpayers in that taxation is transferred directly to their members. In the event that the LLP members are non-residents of the United Kingdom, and the LLP does not receive income in the United Kingdom, then there is no taxation at the company level.

It is important to note that a privileged tax status does not release the LLP from the obligation to file appropriate statements. A LLP must file financial statements with Companies House, and the tax return with the UK tax office being HMRC (Her Majesty Customs and Revenue).

The company’s financial statements must be certified by a licensed auditor if the company meets at least two of the following three criteria:

Conclusions

An English limited liability partnership is a reputable and prestigious instrument which used frequently by entrepreneurs for international business operations.

However, it is important to note the regulations governing the reporting requirements of the LLP. In particular, in accordance with the Partnerships (Accounting) Regulations 2008, the LLP is regarded as a “qualifying partnership” if its members are legal entities (i.e. companies). In this case, the LLP is subject to section 15 (Accounts and Reports) of the standard UK Companies Act 2006 on the same conditions as the standard English limited companies.

http://lexcorp.com/en/jurisdictions/england_llp/ - England (UK): Limited Liability Partnership

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