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:
- register the business for Self Assessment with HMRC - Note members must also register separately as an individuals
- register the partnership for VAT if VAT registration limits are reached
- appoint an auditor if needed
- arrange to keep proper accounting records
- prepare, sign and send annual accounts to Companies House
- send a confirmation statement (previously annual return) to Companies House
- tell Companies House about any changes (for example, to the registered name or address, or members)
- act for the LLP if it is wound up and dissolved
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 icon to select date from the calendar.