​General information

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United Kingdom LLP:

UK legislation gives the possibility for the registration and using of companies with a zero rate of tax – Company LLP. The legislation on these companies exists in the UK for over a century, but it is in its current edition (Limited Liability Partnership Act 2000), the law provides all the benefits of LLP using. LLP Registration allows to create in the UK virtually tax-exempt structure. According to the tax laws of the Great Britain, LLP is not considered in this country as a separate taxable subject (respectively, an LLP is not required to obtain a taxpayer identification number in the UK), and taxes from profits received should pay its founders («Designated Members”) at the place of its residence in proportion of their interests in the LLP.

In order to register an LLP at least two partners are necessary. In order to maintain tax-exempt status in the UK you must meet certain conditions. So, if any partner is not a resident of the UK and LLP activities are carried out exclusively outside the UK and refers to a trade or professional services, the duty to pay taxes arises in LLP participants, but not the LLP itself. And if the partners of LLP are two classic offshore companies, the taxes are not paid in the UK. Also, taxes are not paid at the place of registration of partner companies in connection with their offshore status. In the LLP the director does not provide. The company is managed by the authorized partner (designated member), from which you get the general power of attorney. Trust Declaration is a document confirming the ownership of the structure – as well as it is given by partners of the company to you as the beneficiary.

LLP Company, like a regular limited liability company shall submit a report. Annual Return contains information about the registered office and partners. The report is submitted every 12 months from the date of registration of the company and its preparation is endured 28 days. Annual Accounts are information about the company’s financial activities. First time report must be submitted within 9 months from the end of the reporting period. By default, the period is defined as the end of the month following the month anniversary of incorporation of the company. For late submitted reports heavy fines are charged. If LLP partners are offshore companies, and the partnership does not work in the UK, it is not a tax resident. Therefore, the report merely states that the partnership is not subject to taxation.