To form a Limited Liability Partnership you require at least two designated members. So what’s the difference between a designated member and a member?
Designated members and members have the same rights to the company. However, designated members have more responsibilities than a regular member. They are responsible for (taken from Companies House):
• appointing an auditor (if one is needed)
• signing the accounts on behalf of the members
• delivering the accounts to Companies House
• notifying Companies House of any membership changes or change to the registered office address or name of the LLP
• preparing, signing and delivering the annual return to Companies House
• acting on behalf of the LLP if it is wound up and dissolved
• they are also accountable in law for failing to carry out these legal responsibilities
See here for information about our Limited Liability Partnership Formation Service.
This post was brought to you by Mathew Aitken at Companies Made Simple – The Simplest Company Formation Service
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