Limited Liability Partnerships Handbook, 2nd edition

• The latest revisions to the Accounting SORP
• The replacement of Stamp Duty with SDLT
• Brand new regulations on the tax front
• Changes in the Companies Act and the Insolvency Act
• Guidance from the Law Society on:
  • Terms of debentures
  • The use of the word 'partners' for members
  • Exclusion/limitation of possible personal tortious liability for members

Practically orientated, and written for a non-specialist readership, this comprehensive handbook will prove invaluable to every Limited Liability Partnership and every partnership planning to convert.

Reviews:

Simon Young is an author who manages to make the complex understandable; subjects that could easily be heavy and dull, entertaining and interesting. His new book is therefore an absolute must for the managing partner of any firm who is considering conversion or has completed the process.

When Young published the first edition of the book just a few months after limited liability partnerships (LLPs) came into being, relatively few firms had made the transition. This second edition draws upon his experience of working with a number of firms over the last six years and the issues that arose.

Firms embarking on the process will find six chapters especially useful. They tackle:

• The background & legislative development
• The definition of an LLP
• The process of formation and naming
• The transfer of business
• Membership concepts
• Designated members

Those that have already completed the process will regard Young's book as a bible to have on hand as issues arise.

Looking ahead to potential difficult areas, the book is likely to also prove a valuable source of guidance to insolvency practitioners and accountants. The final sections look at potentially complex areas such as voluntary arrangements, administration, winding up and disqualification of directors.

This edition differs from the first edition primarily in the area of the application of the revised SORP (Statement of Recommended Practice), which is included as an appendix and commented upon in detail, in particular with regard to the 2006 revision. In this edition the tax aspects have also been brought up to date, especially with regard to stamp duty land tax.

In summary, this is a key reference book, an absolute must for any firm considering becoming an LLP, and any firm that has already completed the process, and their advisors. It is detailed, comprehensive, readable and even humorous - the definitive guide to the subject of LLPs.

Andrew Otterburn is a chartered accountant and management consultant

New Law Journal, 30th May 2008