Richard Curtis summarises the process and considerations when converting an ordinary partnership to a limited liability partnership.
The concept of the limited liability partnership (LLP) was introduced a little more than 20 years ago, and is governed by the Limited Liability Partnerships Act 2000.
As is evident from the name, a main attraction is ‘limited liability’; this may be why those trading in an ordinary partnership (or indeed sole traders considering entering a partnership) may want to consider an LLP as the format for their business.
Converting to an LLP
Similar to a company, an annual return and accounts must be filed with Companies House, but there is still some of the flexibility of an ordinary partnership. To convert a partnership to an LLP there are several recommended steps.
-
The
