Who should I inform if my LLP stops trading?

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Hi - we are planning to stop trading within the next few months. Is there anyone in particular we need to tell about this? For example, Companies House or HMRC or someone? Thank you for your assistance.

Answers

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If your LLP is simply going to be dormant for a period of time, you will have to tell HMRC that is has stopped trading. You will still be required to prepare annual returns and dormant LLP accounts for Companies House every year.

If you want to close the LLP, you will have to file a striking off application (form LL DS01) with Companies House. Before applying, you must:

  • Stop trading
  • Ensure all creditors and staff have been paid
  • Contact HMRC to find out what they need from you before the partnership is dissolved - final partnership accounts, tax returns, PAYE reports, etc.
  • Distribute any remaining capital and assets between the partners
  • Close all business bank accounts in the LLP’s name

Further guidance is available here and from Companies House here.

a year ago
 

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