LLPs must have at least two “designated members”. These are the people responsible for:
- 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 changes to the membership, registered office or name of the LLP
- Preparing, signing and delivering the confirmation statement
- Acting on behalf of the LLP if it is wound up and dissolved
In larger partnerships it is usually the senior partners who are 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 an LLP don’t have to be individuals. A company can be a member, called a corporate member. Corporate members do not have to be UK-registered companies but must declare their registered status, incorporation details and details of the person who will sign on behalf of the company. A corporate member can be an ordinary member or a designated member.