Share this content
0
544

Incorporation of an LLP with a corporate partner

Incorporation of an LLP with a corporate partner

Didn't find your answer?

Search AccountingWEB

We have a client that operated through an LLP, he is listed as a partner and so is a company that he owns, he now wishes to bring the trading business under the limited company, the one which is already owned by him and has part ownership of the LLP. The limited company accounts show it listed as dormant £1.00 share capital, no investment in partnership etc. His personal disposal seems pretty straight forward but I cant figure the limited co. entries, assets on to the balance sheet, whats the cr entry. 

Thanks

Replies

Please login or register to join the discussion.

avatar
29th May 2019 15:17

You might want to add tax to your tags. Or at least, add it to the things you think about.

Thanks (0)
avatar
By CW2012
to Tax Dragon
29th May 2019 15:50

I ran out of tags.

Thanks (0)
29th May 2019 15:19

So all the company’s profit shares from the LLP, less its tax liabilities on them, have been paid out as dividends before the amount of them was known?

Or are the company’s accounts wrong?

Thanks (0)
avatar
to johngroganjga
29th May 2019 15:49

You seem to have information about the extent of the company's entitlement to a share of profits that nobody else has Hohn?

Thanks (0)
avatar
By CW2012
to johngroganjga
29th May 2019 15:52

The profits appear to have been paid to the human partner, this is a new client to us and we are picking our way through it.

Thanks (0)
to CW2012
29th May 2019 17:51

The credit entry for the company’s acquisition of the LLP’s assets will be where the LLP’s debit entry on the disposal goes - namely the company’s member’s account in the LLP, in which there have apparently never before been any entries.

Thanks (0)
Share this content