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The non-taxable UK company

How to start a British limited company. Incorporation or formation of a company in the UK.

 

 

What is an LLP?

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  • It is a limited company, which pays no corporate tax
  • The members pay taxes in their own country on a percentage of the LLP’s profits
  • Non-residents can use this kind of society for many matters, and be free from taxes for a long time.

Features of an LLP

  • The LLP can own property, hire people and contract contractual obligations. The debts contracted are the debts of the LLP.
  • An LLP has unlimited capacity, which means that third parties do not have to worry about any restrictions on their activities.
  • An LLP has members but no directors or shareholders. An LLP has no share capital and is not subject to company law rules governing the maintenance of capital.
  • An LLP has complete flexibility as to the desired internal structure: it is not required to hold shareholders’ meetings, general assemblies or announce decisions. An LLP does not even have to have a constitutional charter or bylaws.
  • As members have limited liability, the protection of those dealing with an LLP requires it to maintain accounting records, prepare and submit annual accounts to the Chamber of Companies and submit an annual return in a manner similar to how companies do it. However, the exemptions available to companies, for example, with respect to the delivery of abbreviated accounts and exemption from audit, also apply to LLPs.
  • The members of an LLP have limited liability.

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