LLP accounts

LLP accounts

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I am about to see a potential client with an LLP - my first believe it or not! I have never seen any accounts for an LLP. Am I right that the format is broadly the same as for limited companies but substituting "Partners " for "Directors" etc?

Our accounts production is done using our own-designed excel-based system so could easily be adapted but are there any peculiar things I need to be aware of.
Lorraine Jones

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By User deleted
07th Mar 2007 16:54

Sorp
Regarding LLP's more or less the same but be aware that a new sorp became effective from the 31 March 2006, try searching the CCAB site for details of this.

Mary W

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Judi Castille senior partner of SP Consultancy LLP Kent, company formations and tax structures
By freelance32
10th Mar 2007 23:57

A good read
You need to get the working document - LLP Sorp 2006. Its quite a few pages - but will need to be read thoroughly to ascertain the type of liability or capital your partners will in effect have.

There are some good working examples in the document and this should mirror the partnership agreements that also should be in place.

There are also extensive details as to what is required to support the financial statements in the "notes" section.

The basis of the SORP is really to provide clarity as to extent of liability the LLP has to its partners - visa-versa and whether there is a right to receive a share of profits or not - either clearly defined in the agreement as a matter of course - or by unanimous vote by all those eligible to vote.

I recently submitted out returns - being an LLP of 6 years - and Companies House aprooved these first time - so read the SORP thoroughly and it should enlighten you as to whats required. Any books on the subject will be very expensive - libraries may have up to date copies from CCH/LexisNexis etc.

Good luck

Judith Paine - SP Consultancy LLP

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