Limited Liability Partnerships or LLPs are hybrids of Partnerships and Limited companies. If you are a partner in an LLP, you are not personally liable for debts the company cannot pay. Your liability will be limited to the capital that you have invested in the business. LLPs also have different obligations to other types of company when preparing their accounts. At DBS Corporate, we have years of experience to draw upon when it comes to setting up LLPs and helping them with their accounts and finance.
Protect Your Personal Assets
If you need help with setting up an LLP, or if you’re already running an LLP, we are able to deliver in-depth advice on topics such as being more tax-efficient or making the right investments. We can help you decide whether setting up your business as an LLP is right for you, and can provide you with as much help and advice as you need, whilst liaising with HMRC on your behalf. When you run your business as an LLP, your personal assets are protected, as long as you haven’t signed a personal guarantee. You will have extra filing obligations including Annual Returns and Abbreviated Accounts, but these are areas our expert team are fully capable of helping you with.
Companies House and HMRC
Not only will you get access to your own dedicated accountant when you operate as an LLP, we’ll look after all your accounts for you and will complete and submit documents to Companies House and HMRC on your behalf. In the unlikely event that an HMRC investigation takes place, we will be able to represent you, and we can provide advice through all methods of communication. Despite our constant support, we charge some of the most competitive rates for LLP support and advice on the market. We always keep you informed when there’s important news to pass on to you, and we will send you regular reminders for deadlines to avoid penalties.
With LLPs, profits are treated as the personal income of members. We strongly advise you to create a comprehensive member’s agreement and seek advice about all issues that need to be covered by this document. If you don’t have such an agreement in place, the law may make various assumptions about your LLP which contradict what you intended for your business. We can help you draw up an agreement to avoid disputes and keep problems to a minimum. BY utilising our assistance, you can have peace of mind and dedicate your time doing what you do best for your business.
Converting to an LLP
We can also help you if you have an existing partnership and wish to convert it to an LLP. Your tax position may remain unchanged as long as there are no membership changes or amendments to the way that the entity operates. A substantial number of well-known firms have become LLPs in recent years to avoid many of the problems that come with running a limited company. In order to become an LLP, you will need to register at Companies House and agree to the publication of some business information.
Businesses that may choose to convert to an LLP can include professional partnerships such as accountants, surveyors and lawyers. Many entities choose to become LLPs because they are unable to operate as limited companies. Many new start-ups are also forming as LLPs. The rules and regulation surrounding LLPs can be very complex and there have been many changes to the law over recent years. However, we know the legislation inside out and can provide you with all the information and advice you need to avoid falling foul of the legal system.
DBS Corporate is a fast-growing chartered accounts and financial advice service, providing support and assistance to companies of varying sizes from a wide range of industry sectors. We always aim to provide the finest standard of service possible and we are only ever satisfied when you are truly content with the service that we have provided.