Relief for US LLPs as Government rejects accounts disclosure plan
US law firms in London have narrowly escaped having to disclose their financial results after the UK Government backed out of proposals to push overseas limited liability partnerships (LLPs) operating in the City for greater openness. Results of a consultation by the Department for Business Enterprise & Regulatory Reform (BERR) looking into the application of the Companies Act for LLPs reveal that the Government is no longer planning to extend the Act to overseas LLPs.
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