A limited liability partnership (LLP) is a business structure that offers its members limited liability for the debts of the business. This means that the members’ personal assets are protected in the event that the business goes bankrupt.
If you are no longer trading as an LLP, you may wish to dissolve it. There are two ways to dissolve an LLP:
Voluntary strike off: This is the most common way to dissolve an LLP. To do this, you must apply to Companies House to have the LLP struck off the register.
Compulsory striking off: This can happen if the LLP has been dissolved by the court, or if Companies House has decided to strike it off for non-compliance with the law.
Voluntary Strike Off
To apply for voluntary strike off, you must:
1. Fill in Form LL DS01, which is available on the Companies House website.
2. Pay a fee of £12.
3. Send the form and fee to Companies House.
Once you have submitted your application, Companies House will check to make sure that the LLP is eligible for voluntary strike off. If it is, they will publish a notice in the Gazette stating that they intend to strike off the LLP. If no one objects to the strike off within 2 months, the LLP will be dissolved.
Compulsory Striking Off
If the LLP has been dissolved by the court, or if Companies House has decided to strike it off for non-compliance with the law, you will not be able to apply for voluntary strike off. In these cases, you will need to contact Companies House for further information.
If you need help dissolving your LLP, please contact Future Strategy. We can help you with the entire process, from filing the necessary paperwork to notifying creditors and other stakeholders. Visit our website at www.futurestrategy.co.uk to learn more.
Benefits of Dissolving an LLP
There are a number of benefits to dissolving an LLP, including:
- No longer have to file accounts or pay corporation tax: Once an LLP is dissolved, it is no longer required to file accounts or pay corporation tax. This can save you time and money.
- No longer have to worry about legal liability: Once an LLP is dissolved, its members are no longer legally liable for the debts of the business. This can provide peace of mind.
- Free up your name: Once an LLP is dissolved, its name becomes available for use by other businesses. This can be useful if you are planning to start a new business.
Dissolving an LLP can be a straightforward process. However, it is important to follow the correct procedures to ensure that the dissolution is completed correctly. If you need help, please contact Future Strategy. We can help you with the entire process, from filing the necessary paperwork to notifying creditors and other stakeholders.