Limited Liability Partnerships

The new limited liability partnership – looking forward

1. What information does Companies House require?

Designated members have a personal responsibility to make information about the structure, management and activities of their limited liability partnership available both to the members of the limited liability partnership and to the general public. This will include accounts.

2. What period should the accounts cover?

A limited liability partnership’s first accounts must start on the day of incorporation. The first financial year must end on the ‘accounting reference date’ or a date up to seven days either side of this date (see How is the accounting reference date set?). Subsequent accounts start on the day following the year-end date of the previous accounts. They end on the next ‘accounting reference date’ or a date up to seven days either side.

3. How is the accounting reference date set?

The accounting reference date is the date in each year to which accounts will be drawn up. The date depends on the date of incorporation as it is the last day of the month in which the anniversary of incorporation falls. For example, if your limited liability partnership is incorporated on 2 July this year, the accounting reference date will be 31 July, and its first financial year must end on 31 July next year (or within seven days of that date).

4. Can the accounting reference date be changed?

Yes. You may change it by sending Form LL IN0125 to the Registrar. You must do this during the accounting period affected by the change or during the period allowed for delivering the associated accounts to us. For more information, see the Companies House booklet, Limited Liability Partnerships Administration and Management.

5. How long do I have to deliver accounts?

The first accounts of a limited liability partnership must be delivered:

  • within 10 months of the end of the accounting reference period; or
  • if the accounting reference period is more than 12 months, within 22 months of the date of incorporation, or three months from the end of the accounting reference period, whichever is longer.

6. What else must I tell Companies House?

Here are some of the important things that you must tell us about – using, in most cases, a special form Companies House provide, and within the time limits stated.

  • Changes of members and designated members, within 14 days. For appointments use Form LL AP01, for resignations use Form LL IN0188b, and for changes of designation use Form LLP8.

  • Change of members’ and designated members’ personal details, within 28 days using form LL IN0188c

  • Register and debenture holders.

  • Details of any mortgage or charge created by the limited liability partnership, within 21 days. See our booklet, ‘Limited Liability Partnerships Administration and Management’.

  • A change of registered office, within 14 days. Use Form LL IN0187. The change becomes legally effective only when Companies House have registered the form.

7. What about annual returns?

Every limited liability partnership must deliver an annual return to Companies House at least once every 12 months. It has 28 days from the date to which the return is made up to do this.

8. What does Companies House do with the information my limited liability partnership sends?

We must make the information available to anyone who wants to see it. So the information you send will be added to your record and will be available for public inspection.

9. What happens if I don’t send the information to Companies House on time?

If your accounts are delivered late, there is an automatic civil penalty for late filing. This is between £100 and £1,000. More information about late filing penalties is available in the Companies House PDF Limited Liability Partnership Administration and Management.

In addition, designated members may be prosecuted for not filing certain documents. If convicted, they will have a criminal record and be liable for a fine of up to £5,000 for each offence. In some cases, they could also be disqualified from being a designated member or company director taking part in the management of a limited liability partnership or company for up to five years.

10. What if the limited liability partnership doesn’t take off or I no longer need it?

Limited liability partnerships that have not traded or otherwise carried on business for at least three months may apply to the Registrar to be struck off the register. For information on this, and formal insolvency proceedings, see the Companies House PDF Limited Liability Partnerships Winding-Up or, for limited liability partnerships registered in Scotland, ‘Limited Liability Partnerships Winding-Up (Scotland)’.

Limited Liability Partnerships, Crown Copyright © 2005-2013
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