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Limited Liability Partnerships
Certificate of Incorporation
(Includes for free of charges upon opting for the company formation service.)
A distinctive address for VAT registration
Limited Liability Partnership or LLP comes with a wide array of legal statutory filing and reporting needs for the House as well as HMRC of the company. And, many of these are just the same as limited company specifications.
There must be an annual confirmation statement along with annual accounts. And, these need to be filed at the Companies House on the given date each year (annually).
Members of LLP must assess their tax returns themselves for HMRC and then pay the tax liabilities of their own share of the profit.
Designated LLP members are responsible for the maintenance of the Statutory Registers of an LLP. It has to be maintained at the registered office or SAIL address that contains a PSC register. Also, the members must keep in check the accounting records for all the expenditures, assets, income, and liabilities. This is needed for the preparation of the annual accounts and assessments of tax returns.
In order to form an LLP, one must submit an application. The application form must have the following details –
Upon approval of the application, your LLP will be ready for commencing trading. Also, you will receive an email invoice from us. The email will contain digital copies of the incorporation documents. Further, within 24 hours, the physical copies will also be delivered to your registry office.
LBG or limited by guarantee company is different than the structures based on equity. It comes with no shareholders or there’s no shared capital. Instead, an LBG structure consists of members who are the guarantors of the company. In this regard, the guarantors here are also called trustees or governors, or committee members. The title depends on the organization itself.
And, each guarantor has some tasks or duties towards the company. These are –
In order to be able to get registered with the Charity Commission, a company’s annual gross profit has to be above £6000. And, if a business has less than £6000 of gross profit, the entity can obtain tax exemptions from HMRC. However, this happens when the items of the company are charitable and the Articles puts a restriction on using funds and profits for charity purposes.
Furthermore, the service will provide Association Articles. And, you will have to edit these. To be able to achieve the tax exemption requirements of HMRC, well-written documents are the key.
According to the Companies Act of the UK, the word “Charity” is a sensitive term. Thus, you can only add the term with your company’s name when you are registered with the Charities Commissions.
Therefore, one must incorporate their business first. And then, register with the Charities Commissions upon being able to fulfill the requirements. So, if you use Charity in the name, it is better to change it until the grounds are met.
Articles of Association demand the amendment of provisions that are allowed by the Company Acts for HMRC. This is the legal gateway for obtaining tax exemptions if the annual turnover is less than £5000. Also, it will be applicable if your business does not contain the suffix LTD in the company’s name.