Back in April 2001, there was much excitement as a large number of professional practices stated publicly that they intended to become a UK limited liability partnership (LLP). Much debate had preceded the Limited Liability Partnerships Act 2000 as to how professional practices would adapt to the rigid requirements of the Act and the reporting requirements subsequently set out in the Statement of Recommended Practice, which stipulated the accounting policies and disclosures with which LLPs must comply.
However, we have had to wait several years to see how firms have coped with the accounting requirements as it is not until several months after a firm’s financial year end that a newly formed LLP is required to file its accounts at Companies House.
