Partnership: A show of strength
Giles Murphy looks at what current and potential limited liability partnerships can learn from the first wave of LLP results
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.
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