Choosing a name for your business might not seem like the hardest thing to do, but it is worth noting that there are a few rules that you must keep in mind whilst setting up your LLP. Your name cannot be the same as, or too similar to, another registered company’s name and your chosen name must end in Limited Liability Partnership or LLP for short. You can only register a ‘same as’ name if your LLP is part of the same group as the company or LLP with the existing name. You can trade using your own name or under your Business Name.
Registering an office address is important as this is your LLP’s official address, where all written communication will be sent. Your accountant can offer you the use of a registered address for a nominal fee, as long as it is in the same country as your LLP. You can, of course, use your home address but be aware that this will be publicly available.
It usually takes 24 hours for your LLP to be registered using third-party software. Your accountant can register your LLP for you.
As an LLP you have certain responsibilities for example, you must have at least 2 ‘designated members’ at all times; they have more responsibilities, for example, keeping company accounts. You can have any number of ordinary members. You should make an LLP agreement with any other members as part of setting up your LLP. This sets out how the LLP will run, how profits will be shared, who will make overall decisions, how members can join or leave the LLP. Designated members must register the business for Self-Assessment Tax Returns with HMRC as well as an individual. The Partnership must be registered for VAT if you expect sales to be more than £85,000 a year.
Appoint an Auditor if needed, again your Accountant can assist you with this as well as helping you with your accounting records, preparing and sending annual accounts to Companies House and sending your annual Confirmation Statement. Your designated members must also tell Companies House of any changes to the registered name, address or its members and act for the LLP if it’s wound up or dissolved.
If you are unsure, select an agent such as d&t, to work on your behalf; With over 30 years’ experience, d&t are happy to set up and support your business whatever stage you are at. For more details call 01793 741600 or email hello@team-dt.com quoting ICAP23 and our team of experts will be happy to help.
