A LLP is a separate legal entity in its own right. The LLP itself will be liable for the full extent of its assets, whilst the liability of the partners of the LLP will be limited.What are the legal requirements of an LLP?
A UK LLP needs to have a minimum of two Partners. These Partners can be Corporate entities or real people or a combination of same. The LLP must have the intention to make profit in a lawful trade. There is no limit to the number of partners that can join an LLP and they do not need to be UK resident. The Registered Office of the company must be based in the UK and cannot be a PO Box or otherwise.Who is responsible for the LLP?
As with a private limited company or a corporation, member/partners in LLP's cannot, in the absence of fraud or wrongful trading, lose more than they invest.
Each partner/member will have to register with HMRC for Self Assessment and complete a tax return each year, then pay Income Tax and National Insurance on their personal income.