Limited Liability Partnership accounts
One of my clients is about to form a Limited Liability Partnership with one other individual. The affairs will be very straightforward. I have not dealt with LLP accounts previously and I am trying to determine whether it is something I can reasonably undertake or whether I should refer him on to a larger practice. The conclusion drawn from my 'googling' so far is that broadly speaking, the legal requirements with regard to Companies House and the accounts formats (with the exception of the capital section of the balance sheet and the post tax profit distribution in the P & L) are almost identical to limited companies and that the taxation compliance is as for a normal partnership i.e. both partners will register as self employed and the LLP will be registered with HMRC as a normal partnership would. I assume therefore that an SA800 will be completed. Am I correct in my assumptions? Have I missed anything vital?
I have obtained a template for LLP accounts from the Office of Public Service Information website, but this does not show the layout of the after tax profit section showing partner's remuneration and profit share, or the detail of the members section of the balance sheet. Does anyone have a set of accounts (names hidden to protect the innocent!) that they would be willing to share with me please?
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Formats
If you send me your email address, I will send you the format of profit and loss a/c
and the balance sheet of one of my LLP's.
Please check out the FRS 25 to determine which capital account and profit distribution
method your client's wish to adopt.
Abdul Qayyum
abdul@qayyum.co.uk
Look at the LLP SORP
http://www.ccab.org.uk/PDFs/LLPs_SORP_Final_March_2006.pdf
Appendix 1 has a lot of different examples depending on the nature of the distributions and capital.