What are the responsibilities of a designated member?

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Apparently I am being named the designated member of our LLP. Could you please fill me in on what I’m going to have to do as designated member? What sort of responsibilities will I need to look after?

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Designated members of limited liability partnerships are responsible for making sure the entire partnership adheres to all of its legal duties, as well as carrying out their normal duties like the rest of the members. They must:

  • Register the partnership for Self-Assessment, VAT and PAYE (where applicable).
  • Keep accounting records.
  • Prepare annual accounts and an annual return for Companies House each year.
  • Appoint an auditor and/accountant if required.
  • Tell Companies House about changes to the partnership’s details - registered office, member, designated member, etc.
  • Act on behalf of the entire LLP if it is dissolved.
  • Ensure all LLP members register for Self-Assessment, file their returns and pay their taxes.
  • Keep statutory registers and make them available for inspection at the registered office.

Your LLP must have at least two designated members at all time, but there is no upper limit to the number of members who are designated.

a year ago
 

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