The term “LLP” simply refers to Limited Liability Partnership, a unique business model where there exists more than one owner for a particular business but each owner has to bear the sole responsibility for his personal business debts or any malpractices.
LLP firms can be formed by registered professionals for practicing accountancy, law or engineering. LLP’s are becoming increasingly popular over corporations or LLCs because one partner does not wish be held accountable for any lawsuit filed against another partner’s debts or inappropriate actions.
Steps to set up a LLP company in UK/US- the key points:
· Selecting a company name: The name should be unique that is it should not bear any resemblance or similarity with another registered organization.
· Should have a registered physical address: This address is publicly available; any sort of communication like notices and letters would be sent to this address.
· Details of the members of an LLP: According to Government guidelines, at least two people are required to form an LLP; their complete details should be available for reference.
· Making the LLP agreement: A clear agreement stating the responsibilities of the members, their profit sharing and the policies of entering or leaving an LLP should be made with signed consent of the members on the document.
How to easily register a LLP company?
There are three easy ways of registering an LLP:
1. Online registration: By filling an online registration form you can get your company registered the same day by paying higher fee.
2. By post: The form can also be filled in person and sent by post for approval.
3. By hiring an agent: Human agents are reliable and affordable to do the job if you have time constraint.
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