Discussion
Hi,
Hopefully someone will be able to help me out with regards to trading names. I am in the process of setting up a new LLP – let’s call it ‘The ABC Group LLP.’ Underneath this company I want to use a couple of different trading styles – For example ‘Finance Advice Direct’ and ‘ABC Direct’
My questions are:
1) Presumably you can have trading names under an LLP – this isn’t something that is Ltd specific?
2) If so then do you need to ‘register’ these names anywhere / do they have to be unique? Or so long as you put that “Finance Advice Direct is a trading style of The ABC Group LLP” on all documentation you can have what you want and are covered?
3) Anyone else that uses trading names is there anything else that I need to consider?
Thanks!
Dan
Hopefully someone will be able to help me out with regards to trading names. I am in the process of setting up a new LLP – let’s call it ‘The ABC Group LLP.’ Underneath this company I want to use a couple of different trading styles – For example ‘Finance Advice Direct’ and ‘ABC Direct’
My questions are:
1) Presumably you can have trading names under an LLP – this isn’t something that is Ltd specific?
2) If so then do you need to ‘register’ these names anywhere / do they have to be unique? Or so long as you put that “Finance Advice Direct is a trading style of The ABC Group LLP” on all documentation you can have what you want and are covered?
3) Anyone else that uses trading names is there anything else that I need to consider?
Thanks!
Dan
Dan 80 said:
Hi,
Hopefully someone will be able to help me out with regards to trading names. I am in the process of setting up a new LLP – let’s call it ‘The ABC Group LLP.’ Underneath this company I want to use a couple of different trading styles – For example ‘Finance Advice Direct’ and ‘ABC Direct’
My questions are:
1) Presumably you can have trading names under an LLP – this isn’t something that is Ltd specific?
Correct - aapart from the limited liability aspect, an LLP is legally not much different to a traditional unlimited partnership.
2) If so then do you need to ‘register’ these names anywhere / do they have to be unique? Or so long as you put that “Finance Advice Direct is a trading style of The ABC Group LLP” on all documentation you can have what you want and are covered?
There is no reqwuirement to "register" partnership NAMES as such. Obviously, HMRC need to be notified of the setting up of the partnership (which will need to complete a Partnership Self Assessment tax return when appropriate).
The LLP needs to be registered with Companies House
3) Anyone else that uses trading names is there anything else that I need to consider?
In the UK, anyone can use any trading name they like - as long as it does not conflict with an alreay existing trading name. Large businesses are very sensitive about their brands being used by other businesses so often obtain injunctions to block certain business names from being used by other trading entities.
Thanks!
Dan
Here's what Companies House says on LLPsHopefully someone will be able to help me out with regards to trading names. I am in the process of setting up a new LLP – let’s call it ‘The ABC Group LLP.’ Underneath this company I want to use a couple of different trading styles – For example ‘Finance Advice Direct’ and ‘ABC Direct’
My questions are:
1) Presumably you can have trading names under an LLP – this isn’t something that is Ltd specific?
Correct - aapart from the limited liability aspect, an LLP is legally not much different to a traditional unlimited partnership.
2) If so then do you need to ‘register’ these names anywhere / do they have to be unique? Or so long as you put that “Finance Advice Direct is a trading style of The ABC Group LLP” on all documentation you can have what you want and are covered?
There is no reqwuirement to "register" partnership NAMES as such. Obviously, HMRC need to be notified of the setting up of the partnership (which will need to complete a Partnership Self Assessment tax return when appropriate).
The LLP needs to be registered with Companies House
3) Anyone else that uses trading names is there anything else that I need to consider?
In the UK, anyone can use any trading name they like - as long as it does not conflict with an alreay existing trading name. Large businesses are very sensitive about their brands being used by other businesses so often obtain injunctions to block certain business names from being used by other trading entities.
Thanks!
Dan
What is an LLP?
It is an alternative corporate business vehicle that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership. The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the members will be limited.
When were they introduced?
The Limited Liability Partnerships Act 2000 and Regulations 2001 came into force on 6 April 2001.
What sort of organisation can become an LLP?
Any new or existing firm of two or more persons can incorporate as an LLP.
Can I incorporate an LLP in Scotland as well as England/Wales?
Yes
Can I convert from being a limited company to an LLP?
The LLP legislation does not allow for a 'conversion process' - in the way that a limited company can convert to PLC status under the Companies Act, for example. Anyone with a current limited company wishing to transfer their existing company name to a new LLP should contact the LLP Team Leader. The process will involve a closely controlled company change of name and an LLP incorporation. Establishing contact prior to submitting the necessary forms will help ensure that this process is completed as smoothly as possible.
What are the LLP disclosure requirements?
They are similar to those of a company. LLPs are required to provide financial information equivalent to that of companies, including the filing of annual accounts. Among other things, they are also required to:
File an annual return
Notify any changes to the LLP's membership
Notify any changes to their members names & residential addresses
Notify any change to their Registered Office Address
What are the duties of a designated member?
Designated members are responsible for carrying out certain duties including some of those that would normally be carried out by a company director or secretary. They include such things as:
Signing the annual accounts
Filing the annual accounts and annual returns with Companies House
In the event of Insolvency proceedings, providing any statement setting out the affairs of the business i.e. assets, debts and liabilities.
How much does it cost to register an LLP?
Registration of a limited liability partnership on its incorporation under the 2000 Act is £20.
How is an LLP taxed?
Companies House can not give information on tax issues please contact HM Revenue and Customs.
Will LLPs be available to charities?
No. LLPs are only available to any lawful business that is carried out with a view to a profit.
Where can I get further help and advice?
Please contact Companies House staff at the addresses below. You should note that staff can only give general guidance. They cannot speculate whether an LLP is the right vehicle for you and your business. You should therefore seek appropriate legal and professional advice.
Please click here to view an interesting and informative general article about LLPs in the Companies House Register magazine (PDF format)
For specific enquiries relating to English/Welsh LLPs, please contact:
Companies House
Crown Way
Cardiff
CF14 3UZ
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