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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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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.

Amendments to LLP regulations now approved
Commentary on the new LLP regulations introduced in May 2016.

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

To find out how you can borrow books from the Library please see our guide to book loans.

You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

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