Limited Liability Partnership Flashcards
what must be filed at Companies House for incorporation
LLIN01 and fee
(do not have to file LLP agreement)
how many members must an LLP have
at least 2 on incorporation
how can new members join an LLP
appointed by unanimous consent of all the members
when must CH be notified of new members
within 14 days
form LL AP01 (individual) or LL AP02 (corporate).
what is the defailt position for profits and capital
share equally in capital and profits
what is the default position for losses
there is none, losses are borne by LLP
how can members leave an llo
by giving reasonable notice
can a member be expelled
no unless express agreement
when must CH be notified of a member leaving
within 14 days
who can participate in the management?
all members of LLP can participate in management
how is an LLP taced
as an ordinary partnership not company (corporation tax does not apply)
