General Information - UK and Scotland LLP | Interstatus - Group of Companies General Information – UK and Scotland LLP – Interstatus – Group of Companies

General jurisdiction information:

The United Kingdom (official name The United Kingdom of Great Britain and Northern Ireland) is a state in North-Western Europe situated on the largest European archipelago, the British Isles. It comprises 4 political administrative regions: England, Wales, Scotland and Northern Ireland. United Kingdom also controls so-called overseas territories consisting of small islands around the world.

Great Britain has an extremely eventful history, old traditions, a stable political system, a strong and sustainable economy, world-renowned schools and universities, diverse exhibitions, festivals and national celebrations.

The population is slightly above 64,000,000 and the capital city is London. The country is a signatory to the Hague Convention.

The official language is English.

The official currency is the British Pound Sterling.

Services (mainly banking, financial and advisory) and their exportation are the key economy sector in The United Kingdom. Extraction and industrial refinery sectors and tourism are also well developed.

The United Kingdom is a member of NATO and has been the European Union member since 1973, but remains outside of the Euro zone. The country retains one of the leading positions in world economy and plays an important role in WTO, OECD and the International Monetary Fund. The world’s major stock and commodity exchanges are domiciled in the UK. Over 50 major world banks service a diverse international business community and wealthy private clients from London.

The main legislative acts governing the operation of UK companies are:

  • Companies Act 2006;
  • Limited Liability Partnership Act 2000.

According to the legislation above and also for practical reasons, the most popular legal forms and organisational structures for foreign investors are the Limited Liability Company (LTD), the Limited Liability Partnership (LLP) and the Limited Partnership (LP).

With specific terms of legislation related to operation of partnerships The United Kingdom is a widely respected jurisdiction among investors who enjoy the opportunity to apply convenient corporate and tax planning tools.