Section Menu

Limited Liability Partnerships

APPLICATION OF THE COMPANIES ACT 2006 TO LIMITED LIABILITY PARTNERSHIPS

The Government consulted in November 2007 on the application of the Companies Act 2006 (2006 Act) to limited liability partnerships (LLPs). The consultation closed on the 6th February 2008 and the Government is now publishing for comment four sets of draft regulations applying the accounts and audit provisions of the 2006 Act to LLPs. These regulations are due to come into effect for LLPs in Great Britain and Northern Ireland on 1st October 2008, for financial years beginning on or after that date.

The main set of draft regulations, the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 apply Parts 15, 16 and 42 of the 2006 Act on accounts and audit to LLPs. Following the approach adopted for companies under the 2006 Act, there are two sets of draft regulations specifying the form and content of the accounts for small LLPs and for large and medium-sized LLPs.The final set of draft regulations provides for the penalties LLPs must pay to the Registrar of Companies if they deliver accounts and reports late under Part 15.

The Companies (Late Filing Penalties) and Limited Liability Partnerships (Filing Periods and Late Filing Penalties) Regulations 2008 have been made (S.I. 2008/497) and came into force on 6th April 2008. These apply to LLPs the new deadlines for filing accounts and late filing penalties from 6th April 2008

Comments on the draft regulations can be made by emailing:

Consultationllpregulations2008@berr.gsi.gov.uk

The closing date for comments on the draft regulations is the 23rd May 2008. Though because of the Bank Holiday weekend late submissions received by the end of Monday 26th May will be considered.

A full Government Response to the November consultation will be published separately. Draft regulations applying the remaining provisions of the 2006 Act to LLPs will be published for comment in due course. Those regulations are due to come into effect from 1st October 2009.

Draft SI	Related Documents and Notes
	Impact assessment on the application of the accounts and audit provisions of the Companies Act 2006 to limited liability partnerships (LLPs) [draft] (106KB)
The Large and Medium -sized Limited Liability Partnerships (Accounts) Regulations 2008	Draft Statutory Instrument: The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (305KB)
The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006 ) Regulations 2008	Draft Statutory Instrument: The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (364KB)
The Small Limited Liability partnerships (Accounts) Regulations 2008	Draft Statutory Instrument: The Small Limited Liability Partnerships (Accounts) Regulations 2008 (308KB)
The Limited Liability Partnerships (Late Filing Penalties) Regulations 2008	Draft Statutory Instrument: The Limited Liability Partnerships (Late Filing Penalties) Regulations 2008 (30KB)