UK LIMITED LIABILITY PARTNERSHIP (LLP)

London is one of the most important financial centres in the world. It is therefore a prestigious location with a good image, and for trading within the EU, can register for VAT.

ADVANTAGES	Not recognised as a tax haven jurisdiction. It is an ideal corporate body to carry out trading activities. Since the profits from a trade or profession of a LLP (Limited Liability Partnership) are taxed as a partnership then as long as there is no trading in the UK or source of income in the UK or member resident in the UK, the LLP can be structured to avoid charge to UK taxation
DISADVANTAGES	Non trading income is subject to corporation tax
CORPORATE LEGISLATION SOURCE	Limited Liability Partnership Act 2000
COMPANY STATUS	Limited Liability Partnership (LLP) with corporate status
USUAL MINIMUM CAPITAL	None
PARTNERSHIP NAME	Prior approval required, some names sensitive
TIME TAKEN TO INCORPORATE	7 - 10 days
ARE SHELF COMPANIES AVAILABLE	Yes
CAPITAL DUTY	None
MINIMUM NUMBER OF SHAREHOLDERS	2 members minimum. Each member holds a percentage ownership in the LLP which can be formally documented in the Private Members Agreement
ARE BEARER SHARES / SHARES OF NO PAR VALUE POSSIBLE?	No shares issued.
DIRECTORS: MINIMUM NUMBER / CORPORATE DIRECTORS ALLOWED / LOCATION	An LLP is controlled by its members and not by a board of directors. It may however appoint a general manager to deal with day to day administrative matters
SECRETARY: MANDATORY / CORPORATE SECRETARY ALLOWED / LOCATION	No / Yes / No
IS THERE A REQUIREMENT FOR A REGISTERED OFFICE	Yes
IS THERE A REQUIREMENT BY THE AUTHORITIES PRIOR TO INCORPORATION	Name must be approved at time of incorporation
INFORMATION AVAILABLE ON PUBLIC FILE	Members details, managers details and name and address of registered office
DOCUMENTS TO BE KEPT AT REGISTERED OFFICE	Register of Members and Register of Charges and Debentures
CORPORATE BOOKS AND SEAL	Corporate Book required but no seal. May be kept anywhere
ACCOUNTS REQUIRED / FILED	Yes / Yes No audit for small companies
ANNUAL RETURN REQUIRED	Yes
WHERE ARE MEETINGS TO BE HELD	No restriction. Members decide
ANNUAL FEES PAYABLE TO THE GOVERNMENT: TAX / ANNUAL RETURN FILING FEE	No UK tax where trading takes place outside the UK and the members are non UK resident / £30
ARE THERE ANY EXCHANGE CONTROLS	None
DOUBLE TAX TREATIES	Numerous