Add LLP Member

This screen is used to record information about the members of an LLP.

Active

This tickbox can be deselected if a member has left and you do not want their name to appear in dropdown lists within the application.

Display Name

This is the name of the member as it will appear for selection in dropdown lists.


Designated Member

Check this box if the member partner is a designated member. This has a special meaning in the context of LLP's and you should check with your advisor if you are not sure.

An LLP must have at least two designated members at all times - they have more responsibilities. There can be any number of ordinary members.

Designated members have more responsibilities than ordinary members and must:

Designated members can be prosecuted if they do not meet their legal obligations.

Date Designated

Enter the date manually (e.g 19/12/2017) or click on the calendar icon to select date from the calendar. This is required if the member is a designated member.

Date Member Joined

This is the date the member joined the partnership

Member Drawings Budget

This field holds the member's annual drawings budget. The value entered here is displayed on the Members Profit Allocation screen for information.

Profit Share Percentage

Use this field to store the profit share percentage allocated to the member. This percentage is used in the Members Profit Allocation screen to apportion the total profit distribution among the members. This profit percentage will remain until changed. If a new percentage is required for a new financial year, complete the current years allocations and then amend the percentages.

Date Member Left

This is the date the member ceased to be a partner member in the LLP business. Enter the date manually (e.g 19/12/2015) or click on the Calendar icon to select date from the calendar.


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