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UK - overview - LLP

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INTRODUCTION

A limited liability partnership is a new form of legal business entity with limited liability. The main features of limited liability partnerships are that they have organisational flexibility but are taxed as partnerships. In many other respects they are very similar to companies. The Limited Liability Partnership Act 2000 generally allows two or more persons carrying on a lawful business with a view to profit to form a limited liability partnership by subscribing to its incorporation document - Form LLP 2. (In law, 'person' includes individuals and companies.) However, limited liability partnerships are not available for all activities such as non profit making activities.

POLITICAL STRUCTURE

The United Kingdom is a unitary democracy governed within the framework of a constitutional monarchy, in which the Monarch is the head of state and the Prime Minister of the United Kingdom is the head of government. Executive power is exercised by Her Majesty's Government, on behalf of and by the consent of the Monarch, as well as by the devolved Governments of Scotland and Wales, and the Northern Ireland Executive. Legislative power is vested in the two chambers of the Parliament of the United Kingdom, the elected House of Commons and the appointed House of Lords, as well as in the Scottish parliament and Welsh and Northern Ireland assemblies. The judiciary is independent of the executive and the legislature. The highest court is the Supreme Court of the United Kingdom. Queen Elizabeth II is the head of state of the UK as well as monarch of 15 other independent Commonwealth countries. The monarch has, "the right to be consulted, the right to encourage, and the right to warn". The position of Prime Minister, belongs to the person most likely to command the confidence of the House of Commons; this individual is typically the leader of the political party or coalition of parties that holds the largest number of seats in that chamber.The Prime Minister chooses a cabinet and its members are formally appointed by the monarch to form Her Majesty's Government. By convention, the Queen respects the Prime Minister's decisions of government.

 
 

 


ECONOMY

The UK has a partially regulated market economy. Based on market exchange rates the UK is today the fifth-largest economy in the world and the second-largest in Europe after Germany. HM Treasury, led by the Chancellor of the Exchequer, is responsible for developing and executing the British government's public finance policy and economic policy. The Bank of England is the UK's central bank and is responsible for issuing notes and coins in the nation's currency, the pound sterling. Pound sterling is the world's third-largest reserve currency (after the US Dollar and the Euro). London is one of the three "command centres" of the global economy

(alongside New York City and Tokyo), and is the world's largest financial centre — alongside New York — boasting the largest city

GDP in Europe. The UK service sector makes up around 73% of GDP while tourism is very important to the British economy, with the United Kingdom ranked as the sixth major tourist destination in the world, while London has the most international visitors of any city worldwide.

 

POPULATION

The total population of the United Kingdom is approximately 65,105,000 making it the third-highest in the European Union (behind Germany and France) and the 22nd-highest in the world. The nation’s overall population density is also one of the highest in the world at 259 people per square kilometre, due to the particularly high population density in England. Almost one-third of the population lives in England's southeast, which is predominantly urban and suburban, with about 8 million in the capital city of London, the population density of which is just over 5,200 per square kilometre. According to the 2011 Census, the ethnic composition of the United Kingdom was set out as: 87.1% White British; 0.1% White Gypsy/Traveller/Irish Traveller; 6.9% Asian or Asian British; 3% Black or Black British; 2% Mixed or Multiple; and 0.9% Other Ethnicity.

 

LANGUAGE

The UK's de facto official language is English. It is estimated that 95% of the UK's population is monolingual English speaking. 5.5% of the population are estimated to speak languages brought to the UK as a result of relatively recent immigration, while four Celtic languages are also spoken in the UK: Welsh, Irish, Scottish Gaelic, and Cornish. All are recognised as regional or minority languages, subject to specific measures of protection and promotion.

 

TAXATION

The members exemption from UK tax is only applicable provided that no business or trade is carried out with or within the United Kingdom.

The tax authorities in the United Kingdom have confirmed that the taxation base of a limited liability partnership will follow the procedure operated in the past for partnerships. The limited liability partnership itself will not be liable for taxation on profits or gains arising within the partnership, but the profits or gains will be assessed to tax separately on the individual partners.

In order to remain this status a limited liability partnership must be a commercial venture operating with a view to profit that is not in liquidation.
 

DOUBLE TAXATION AGREEMENTS
 

The United Kingdom is party to more double tax treaties than any other sovereign state. However, access to treaty benefits for UK LLPs is determined by the residence of members, consequently International UK LLPs established by Westmoore cannot benefit from UK treaty access.

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