All UK limited liability partnerships are required to keep records of the LLP's financial transactions. The records must contain sufficient detail to enable the financial position of the LLP to be determined at any time and so that the directors can ensure that any profit and loss account or balance sheet LLPs with the requirements of the Limited Liability Partnership Act 2001. The records should contain all details of any income and expenditure and a record of the limited liability partnership's assets and liabilities. If a parent company has a subsidiary undertaking not registered under the Act it must ensure that sufficient records are maintained by or for the subsidiary so as to ensure that the profit and loss account and balance sheet of the parent company comply with the provisions of the Act. The records must be kept by the LLP for a period of three years if it is a private company and six years if it is a public company.

A limited liability partnership's first financial year begins on the day of its LLP incorporation and ends on its accounting reference date, the end of the financial year. Each successive financial year begins the day following the date the previous balance sheet is made up to and ends on the next accounting reference date. The accounts may be made up to a date not more than seven days before or after the accounting reference date. This flexibility is allowed to enable a company to arrange a year-end stock count at a suitable time.

The credibility of our audit department has been built through the integrity and quality of our work. When your business requires an independent audit opinion on its financial statements, we will conduct an efficient and cost-effective audit of the highest quality. However, such services are what you would expect. Where we bring the true value is being proactive in helping you improve efficiencies, streamline processes and find the solutions to your toughest problems. How can we do this? Our audit department works differently than most. In the field, our managers and partners spend more hours on-site and we provide an experienced team of auditors with specific industry experience. One of the most results-oriented portions of our business is providing consulting services to help your business grow, run more profitably and assist you in achieving your goals. We consult with our clients frequently on accounting and general business issues. In this process, we are available to assist you in preparing budgets and cash flow projections. We will also consult with you about valuation issues and buy-sell agreements, and provide assistance with other detailed financial analyses.

Limited liability partnerships (LLP) represent a new form of corporate entity offering numerous advantages over the traditional partnership model. With these advantages also comes the need to prepare and file statutory accounts and, where appropriate, these accounts will need to be subject to an audit. Coddan we have a detailed knowledge of the accounting requirements under the new Statement of Recommended Practice. We are well placed not only to assist and advise our clients on both the LLP accounting and audit requirements, but also on the whole raft of issues that must be considered on the conversion to, or formation of, an LLP.

Setting-up and incorporating an LLP: UK LLP tax queries: while the LLP is a corporate body with separate legal personality, for tax purposes a limited liability partnership is to be treated essentially as a traditional general or limited partnership. An LLP is a corporate entity with its own separate and distinct legal existence, like a private limited company. It is the LLP, which enters into legal agreements, not by its individual members. The limited liability partnership will be a separate legal business entity and while the LLP itself will be liable for the full extent of its assets, the liability of the members will be limited. Under certain circumstances, however, claims for economic loss could be made against individual members who have been negligent. What sort of organisation can become an LLP? Any new or existing firm with two or more persons can incorporate as an LLP. An LLP can be setting-up or registered by two or more persons for carrying on a lawful business with a view to profit. In this context a 'person' can be either an individual or another company, partnership or a trust and it does not matter where such member is location or where such member has been registered or incorporated. Therefore limited liability partnerships cannot be set up for non-profit-making activities. The partners in an LLP are called 'members' and there must be at least two members to form an LLP in the United Kingdom. All profits in an LLP are split between the members. The tax liability falls on the individual members, not the LLP itself. Most UK based members are likely to be self-employed, so all income should be declared via self-assessment, if an LLP member is another UK registered limited company it will be liable to pay corporation tax on any income received from the LLP. Limited liability partnership business name registration & advantages of registering or creating an LLP in England, Wales, Scotland and Northern Ireland: Coddan provides a full range of professional quick, fast and cheap LLP incorporation services from provision of a registered office address (we offer prestigious registered addresses in different locations in London, Cardiff, Manchester, Sussex, Edinburgh and in Glasgow), UK local & toll-free telephone numbers, general mail-forwarding, and UK LLP domain names registration; to professional bookkeeping, accounting, certified audit and preparation of management accounts for the UK & Offshore incorporated limited liability partnerships; preparation and filing of statutory accounts, preparation and filling the LLP's annual returns; advice and assistance to businesses in relation to the opening of business banking accounts in England, Ireland, Scotland, and in tax-free jurisdictions. We can also arrange a help with the notaries' legalisation, foreign consular legalisation and apostille certification of documents; HM Revenue & Customs protection insurance, VAT & PAYE registration, and NIC compliance disputes protection insurance, registration your LLP for VAT in the United Kingdom, NETP application, provision of a EORI number, and registration of your LLP as an employer in the UK, or register your LLP which has no employees in England, Wales or Scotland with simple VAT UK LLP registrations. Set-up and incorporate a limited liability partnership: formation of an LLP Online: incorporate, create, establish and register a new limited liability partnership for only £32.00: the incorporation or registration of a limited liability partnership, by the UK residents or foreign nationals usually takes from four to six hours now! We will file your application electronically with Companies House allowing the fastest possible incorporation. This generally means that if you place an order before 11 a.m. (London time) on a normal working day, your limited liability partnership will be created by the end of that day. We supply an expert advice on navigating through the UK legal and business systems, helping you in setting-up a business in England, Wales, Scotland, Northern Ireland, and/or the Republic of Ireland. Our work focuses upon British, Scottish and Irish LLPs incorporation; however, we also engage in European and international (offshore) business companies, limited partnerships, private foundations and trusts establishment: contact us via the information supplied on our contact page - quick & simple online bank account opening for an LLP registered in the UK. Our fee for the UK LLP registration does not cover any sort of private or personal consultation regarding a limited liability partnership structure, asset protection schemes, tax minimisation or optimisation plans. Forming a partnership, Incorporating a limited liability partnership, or registering an LLP in the United Kingdom, or offshore LLP formation agent - visit our office in London: the UK, IOM, Scottish, Irish, Delaware USA and offshore-incorporated LLP can be used for a varied of business activities on behalf of both the United Kingdom and non-UK owners or residents, and we are pleased to advise you on the unique environments of your case. At the time of your LLP formation and incorporation or at any time thereafter, Coddan can be appointed as your nominee LLP member (partner), we can also provide a full range of professional services from provision of a registered office address (we offer a prestigious address in three different locations in London, Cardiff, Bristol, Liverpool, Manchester, Sussex, Edinburgh and in Glasgow). If you do not need an advice or guidance how to register a limited liability partnership, you may simply place an order online with automatic e-mail confirmation, status updates, and e-mail notifications of filing status changes. Areas of our practice: - determination of the best business structure for tax purposes; registration of limited liability partnerships and private companies; provision of the registered office addresses service; provision of the nominee officers (nominee members, nominee designated members/partners); registration of an LLP as the tax payer; tax agent or fiscal representative service; VAT registration and VAT management, UK tax representation services; registering and licensing copyrights, trademarks, design rights and patents; bookkeeping and preparation of management accounts; preparation and filling of statutory accounts; opening bank accounts (we work with several banks in the UK and offshore countries that offer different banking facilities).