About LLP Designated Members
What are the powers and responsibilities of Designated Members in a Limited Liability Partnership?
The term “designated members” confers more responsibilities than privileges. The Designated Members are responsible for:
This does not sound like good news! However, it is effectively the same as the responsibilities of the Directors and Company Secretary of a traditional Private Limited Company (LTD). There must be at least 2 Designated Members among the list of Members (Partners) registered against the LLP. In larger partnerships the usual approach is to make the senior partners the Designated Members, as they are usually the ones best placed to have the final say on the accuracy of the Accounts and to determine who will be admitted to the partnership.
Members of Limited Liability Partnerships may be companies, rather than private individuals. And the companies do not have to be UK registered; they may be overseas or offshore registered – but they must declare their registered status and incorporation details. Whether the company is to be an ordinary Member of Designated Member, the country of registration and the incorporation number must be declared. And details must be given for the person who will sign on behalf of the company.
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