Why does an LLP need a designated member?

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Hello, I’m just wondering what the point of an LLP having a designated member is? Do all partnerships need to have a designated member?

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Designated LLP members must be appointed to take responsibility for certain administrative and statutory requirements on behalf of the entire partnership. They perform a similar administrative function to company directors; however, they have all of the same rights as the rest of the LLP partners.

Typically, LLP members must carry out the following tasks:

  • Register the LLP for Self-Assessment
  • Register the LLP for VAT and PAYE, where applicable
  • Prepare annual partnership accounts and annual returns for Companies House
  • File partnership tax returns with HMRC
  • Appoint an accountant and/or auditor, where applicable
  • Oversee the winding up of the LLP
  • Notify Companies House of any changes to the LLP’s registered details
  • Maintain accounting records
  • Maintain the LLP’s statutory registers

Your LLP must have at least two designated members at all time. You can change designated members at any time and as often as required but you must notify Companies House.

a year ago
 

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