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Limited liability partnerships

Limited liability partnerships (LLPs) are companies that operate as partnerships but with the company rather than the partners taking responsibility for business debts. On this page you can find articles, books and online resources providing guidance and background information.

Legal Alert

Legal Alert is a monthly checklist from Atom Content Marketing highlighting new and pending laws, regulations, codes of practice and rulings that could have an impact on your business.

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Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.

Companies legislation

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Companies Legislation 2021

The full text of the UK Companies Act 2006 and related legislation, including Limited Liability Partnerships Act 2000.

Partnership law

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David V Woods, Paula Smith Accountants Legal Service 2021

A chapter on partnership law, covering the three types of partnership, relation of partners to third parties and between themselves, termination of partnership and other practical matters.

The law and practice of limited liability partnerships

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Steve Collings Accounts and Audit of Limited Liability Partnerships 2020

A chapter on the law and practice of LLPs, covering the legislation, incorporation, forming an LLP, the members' agreement, designated members, duties and responsibilities of members and whistleblowing protection.

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Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Is Scotland a safe haven for fraud?

Recent months have seen an increasing prevalence of Scottish Limited Partnerships in fraudulent activity. Reportedly, 20 SLPs were involved in a Moldovan bank fraud with losses estimated at $1 billion. This article discusses the sudden popularity of SLPs and their potential role in money laundering operations.

Tax code breakers

HMRC changes to the taxation of LLP members kicked off one of the biggest shake-ups in the UK legal market in years.

LLPs that have junior partners could be hit hard by new rules that will allow HMRC to disregard their self-employed status

Controversial new legislation will enable HMRC to disregard a member's self-employed status in an LLP and treat that individual as an employee of the LLP.

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Useful links

Legislation

Set up and run a limited liability partnership
GOV.UK guidance to the responsibilities associated with LLPs, including choosing a name, having a registered address, appointing designated members and registering with Companies House.

Limited Liability Partnerships
GOV.UK page from Companies House on incorporation and names, the life of an LLP, dissolution and late filing penalties.

ICAEW

Partnership, LLP or corporate practice
Information on choosing a legal structure for your accountancy practice.

Preparing an audit report for Limited Liability Partnerships (LLPs)
Helpsheet explaining the main changes that are needed to the audit report of a limited liability partnership (LLP) that does not prepare group financial statements. 

Understanding limited liability partnerships in the small and medium-sized business sector
Examines the take-up, meaning and relevance of the LLP format for SMEs.

Articles and books in the Library collection

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You can obtain copies of articles or extracts of books and reports through our document supply service.

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