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Limited Liability Partnerships Handbook, 2nd edition

Limited Liability Partnerships Handbook, 2nd edition

Author: Simon Young
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781845922610
Published In: May 2007
Format: Paperback , 464 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

New Edition is available now !

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'...an absolute must for any firm considering becoming an LLP...' New Law Journal

The second edition of this highly acclaimed book offers an unrivalled level of advice and guidance on this rapidly expanding and constantly developing subject. Offering clear descriptions of the nature and consequence of Limited Liability Partnerships, it enables practitioners to undertake with confidence the process of conversion from a partnership, covering the formation of and transfer of business to LLP and themselves; accounting; taxation; and insolvency. This latest edition covers:

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

Contents

The Background and Legislative Development
What is an LLP?
The Process of Formation and Naming
Post Formation Administration
The Transfer of Business
Membership Concepts
Designated Members
Governance of the LLP
Taxation of LLPs
Accounts and Auditing
Members' Financial Interests
Miscellaneous Provisions
Voluntary Arrangements
Administration
Voluntary Winding Up
Winding Up by the Court
General Winding Up Provisions
Company Directors' Disqualification
Mergers and Acquisitions
Risk Management and LLPs

Appendix 1: LLP Forms
Appendix 2: LLP Fees
Appendix 3: Inland Revenue Guidance
Appendix 4: Precedents
Appendix 5: The Law Society Recognised Bodies - Limited Liability Partnerships, Professional Ethics Booklet updated July 2006
Appendix 6: Statement of Recommended Practice (SORP) on accounting by Limited Liability Partnerships
Appendix 7: Security given for Funding Firms, Guidance from the Rules & Ethics Committee - issued February 2005