After incorporation the members have an obligation to file information and documents at Companies House:

This consists of the following:

• the Registered Office Address of the LLP
• names and residential address of the LLPs members
• annual returns;
• annual accounts

This is the usual process for those businesses presently operating as a limited company but represents a higher level of reporting than the traditional form of partnership.
It is therefore a business decision of the partners whether to incorporate as an LLP and gain the benefit of limited liability but sacrifice the degree of privacy usually afforded to traditional partnerships that have been able to keep accounts and partnership information confidential.

LLP's will produce and publish financial accounts with a similar level of detail to a similar sized limited company and will have to submit accounts and an annual return to the Registrar of Companies each year. This publication requirement is far more demanding than the position for normal partnerships and some specific accounting rules may lead to different profits from those of a normal partnership.

The legislation also requires that the profit share of the highest earning member is published if the LLP's profits exceed £200,000. A further tax consideration arises in respect of overseas operations. LLP's will be tax transparent for UK purposes. However, it is unclear whether other jurisdictions will treat LLP's in this way. It is possible some jurisdictions will ignore the situation in the UK and treat them as corporations and tax them accordingly.