This note explains the legal requirements that must be met in connection with the incorporation of a limited liability partnership (LLP), what forms need to be completed to register the LLP with the relevant authorities and the practical steps that need to be taken.
Key requirements to form an LLP
An LLP must be formed for the purpose of carrying on a lawful business with a view to making a profit. At least two persons must form the LLP, known as the initial subscribers, who may include individuals, companies, trustees and / or other LLPs.
The subscribers of an LLP are known as members. There is no limit to the number of members who can be appointed and the only restrictions are that members must not:
- •
have been disqualified from acting as a company director or member of an LLP, or
- •
be an undischarged bankrupt
It is possible for a minor to be appointed as a member of an LLP if it is commercially justifiable to
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