◾ This article will present information about such type of enterprise as TOO
It has proved to be a very non-standard type of enterprise, because its registration is possible only in case your profession is “free”. The most popular representatives of free professions are doctors, architects, lawyers. In order to register a limited liability partnership it is necessary to form a memorandum of association, certified by a notary, as well as to submit a corresponding application to the state Court register.
◾ Record keeping and payment of taxes of a limited liability partnership
The State provides an opportunity for the company LLP to pay taxes in a simplified manner. However, this is optional, so in special cases, the LLP has the opportunity to make the procedure of paying taxes in the usual way. This need can be explained by various reasons related to the business activities of the individual enterprise. In the simplified variant of payment the income tax covers not the partnership itself, but each of its founders. In turn, they also have the right to choose: they can pay as individuals, and also have the opportunity to take advantage of a linear system of taxation. However, the second option has its drawbacks. In this case it is not possible to use the “simultaneous payment from the registered income”. The founders of a limited liability partnership should understand that the responsibility for all business relations of the enterprise is borne by each of them in equal measure. However, a significant advantage is that the founder is not responsible for the consequences arising from the work of another founder with a third party. There are some norms established by the legislation, which are connected with the name of the company LLP. The name should contain the surname of at least one of the founders of the partnership, as well as the phrase “and partners”. In addition, the name should be information related to the type of business.