01394 282318
info@orwellaccountants.co.uk
orwell-1
Get In Touch

Limited Liability Company Partnership

Do you operate your business as a limited liability company partnership, or are you planning to set up a new LLP? Either way, it’s essential to have proper accounting systems in place. Orwell Accountants are based in Ipswich and provide full accounts services to businesses of all types and sizes, including LLPs.

 The main advantage of an LLP compared to an ordinary business partnership is that the partners have limited liability. This means, if you are a partner in an LLP which runs into financial difficulties, you will not be personally liable for any unpaid partnership debts. An LLP is less complex than a limited company, but more so than a standard business partnership.

This type of arrangement is particularly geared towards professionals such as doctors and solicitors, and is often chosen by partnerships with few employees.

The main responsibilities of an LLP include these key points

An LLP agreement must be made at the outset and you need to register this with Companies House.

  • Each partner has to register for HMRC self-assessment and the partnership must also be registered.

  • There needs to be at least two “designated members”, who have additional legal responsibilities.

  • You need to register the business for VAT if sales are expected to be more than £83,000 per year.

  • Accounting records must be kept and annual accounts need to be sent to Companies House.

Another option is to set up a Limited Partnership, which has some differences from an LLP. A Limited Partnership must have at least one general partner and one limited partner, who have different levels of liability once the partnership has been registered. A general partner controls the business and will be liable for any debts it can’t pay. Limited Partnerships also have to be registered with Companies House and for self-assessment.

Services for Limited Liability Company Partnerships

Orwell Accountants provides expert services to small businesses in Suffolk, including LLPs and Limited Partnerships.

Our main services include:

Helping You to Set Up Your Business

We can guide you through the process of ensuring you go through all the right procedures in terms of setting up your partnership. This includes choosing a name, making and registering your LLP agreement.

Self-Employed Tax Returns

An LLP doesn’t pay corporation tax, but partners are taxed on their income and have to file self assessment tax returns. Orwell can compile these returns and file them on your behalf.

Filing Annual Accounts

Annual accounts must be prepared, signed and correctly filed with Companies House. We can do all this for you and, if they need auditing (in the case of larger LLPs), we can also help to arrange this.

Bookkeeping and Accounting Software

We can either keep your books for you, or, if you want to do this yourself, we can advise you on which type of software is best for your partnership. This can also be included in your monthly fees.

As experts in working with all kinds of Suffolk businesses, including those run as a Limited Liability Company Partnership, Orwell Accountants can provide the accounting services you are looking for.