Registered Office - Home Address

[catretriever]

Mrs Catretriever has been toying with the idea of going into business with a friend and is thinking of ultimately setting up as an LLP. The plan is to use our home address as the registered office / trading address but I'm concerned that this may have some implications for our mortgage, home insurance etc etc. Can anyone offer a little advice or maybe point in the right direction for some online info. I'd like to get a handle on the issues before we start talking to bankers/insurers...

Thanks all

[touchingcloth]

If she is just starting as a basic partnership then you do not have to register as such with Companies House so that is not a problem anyway. I assume when she gets to the LLP stage, that is registered in the same way as a Ltd Company, for us we registered our address with CH as our accountants anyway and I believe this is quite common practice.

Another thread here yesterday with some other points. From this I don't think it would have any affect unless it changed the nature of the house, if it is just basically a home office then I am sure it would be fine.

www.pistonheads.com/gassing/topic.asp?t=245513&f=92&h=0

>> Edited by touchingcloth on Tuesday 21st February 11:23

[catretriever]

Oops, sorry for the repeat post, and thanks for pointing me in the right direction

[Eric Mc]

Why an LLP?

[superlightr]

Limited Liability Partnership - so i beleive.

[pdV6]

superlightr said:

Limited Liability Partnership - so i beleive.

I have an inkling that Eric might jsut know what it stands for...

[Eric Mc]

I was wondering why they chose to use an LLP as their business vehicle.

In my experience, since they were created a few years ago, the take up of this "new" method of running a business has not been that high.

[catretriever]

Eric Mc said:

Why an LLP?

oops...sorry, I'd been ignoring this thread as I thought it would be dead by now

In answer to your question Eric...erm....well...erm...I'm not sure! Going from my limited reading I was thinking that they would need to set up as either a traditional partnership or an LLP. I gather that an LLP requires more formal reporting than a traditional partnership, but offers the limited liability features of a Limited company...and...erm...well.....as you can see I have researched this thoroughly

[Eric Mc]

That IS the reason why LLPs were invented.

I think that a good formal partnership agreement netween the two partners is the most important aspect of a business partnership.