Limited liability partnerships (LLPs) are set to become a reality early next year after the bill containing the legislation was given its third and final reading in the House of Commons last week.
No major amendments were made to the bill, which protects partners’ private assets from negligence claims against their firm, but also imposes significant financial disclosure requirements.
The bill’s passage leaves time for the legislation to receive Royal Assent before the summer recess.
The Department of Trade & Industry is consulting the Inland Revenue about uncertainty over the tax treatment of LLPs, although minister Dr Kim Howells said he did not expect this to cause a delay.
