Setting Up Partnership Accounts: Responsibilities From Choosing a Name, Registering an Address to Taxation Liabilities​

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 quoting ICAP23 and our team of experts will be happy to help.


By becoming a member of ICAP you’re joining a community of like-minded professionals and business owners in the children’s activity sector working towards excellence

Pip Wilkins

Pip Wilkins is the Chief Executive of the British Franchise Association (bfa). With 25 years’ experience in the franchise sector, Pip has worked her way up within the Association, gaining insight from all areas of the business and the franchise industry. She is well-known and highly regarded in franchising for her dedication and depth of knowledge. Pip regularly speaks at conferences and seminars both domestically and internationally, as well as writing on franchising matters for national, local and franchising trade press. Pip is also a regular judge for the annual bfa HSBC Franchise Awards, the Franchise Marketing Awards and Global Franchise Awards. Pip represents the UK at both the European Franchise Federation (EFF) and World Franchise Council (WFC). The bfa has grown to be one of the largest franchise associations in Europe, and one of the most successful associations in the world.

Theo Millward

Theo Millward is a graduate of Lancaster University with a BBA in Management. In 2016 Theo purchased UK swim school, Swimtime from the founders which teaches 20,000 children a week. Following a multi-award- winning digital transformation, during the global pandemic, Theo and his team founded Franscape, a saas that digitally transforms Franchise brands. FranScape won New Business of the Year at the UK Business Awards.

Andy Georgiou

Andy is the Founder of ICAP and a leading UK Franchise Business Consultant. He is fiercely committed to helping children’s activity providers build successful and profitable businesses. With qualifications in Business Management, Digital Media and Marketing, he has helped build, advise and grow leading 6 and 7 fiqure children’s education, sports and activity brands in the past 17 years.

Frank Sahlein

Frank has been active in the Children’s Activity Center industry as an athlete, coach, business owner, consultant and business broker. He is a native of San Mateo, California and graduated from San Jose State University in California (USA).
Frank was a pioneer of the Children’s Learning Opportunity Center concept from 1976 – 2016 at the Wings Center in Boise, Idaho (USA) – a blend of Sports Instruction, Arts, Education, Entertainment and Outreach programs.
As a business management innovator, Frank has delivered over 1,000 presentations for a variety of Children’s Activity Center industries such as gymnastics, swimming, cheerleading, dance, martial arts/ninja and child care/education.
3rd Level Consulting is a Business Development and Service Provider Partner for private industry companies, associations, and organizations in the USA, Australia, Canada, New Zealand, Singapore, the United Kingdom, Mexico, and Panama.
Two-time recipient of the National Business Leader Award from USA Gymnastics, Frank is the author of “Building Your Business Potential” and “Designing Your Empowered Life”. He is the creator of the SmartEDGE™ Business Applications and Management Certification Courses. He is the co-founder of LEAP Learning and the MetaSpheres Corp, and is the founder and Executive Director of the International Association of Child Development Programs.
His passions include his beautiful wife Lourdes Gonzalez, family, friends, fitness training, transformational reading and travel.