Whilst many businesses in the UK incorporate as limited companies, a significant proportion will choose to run their businesses through the vehicle of a partnership or a limited liability partnership (LLP). We offer many templates for both these business types and this month we have added significantly to our offering for LLPs.
LLPs are broadly governed by the Limited Liability Partnership Act 2000 (as amended by various regulations) however many of the day to day workings of the business will be regulated by an overarching LLP agreement between the members of the LLP.
Notwithstanding this, LLPs are increasingly being drawn into the same regime as is applicable to private limited companies. This is especially true in areas such as the PSC regime, the necessity to file a confirmation statement with Companies House and the content and filing of their annual accounts. Simply-Docs already has a suite of documents suitable for LLPs to use in order to comply with the PSC regime here, however in order to assist our customers we have added the following new documents:
- a new LLP guidance note which explains what a LLP is as well as the regulations that LLPs need to adhere to;
- deeds of adherence for a new member joining a LLP (one for use with our Basic LLP Agreement and one for use with our long form LLP Agreement);
- the form of minutes and resolutions that a LLP may use to make and record their internal decisions; and
- a package of documents in order to assist “small” LLPs in obtaining the consent of their members to abridge their accounts.
This new package will be of interest to all designated members, LLP members, LLP administrators and their advisors, particularly accountants.
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.