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The same but different! Changing partnerships

Shared from Tax Insider: The same but different! Changing partnerships
By Richard Curtis, June 2024

Richard Curtis summarises the process and considerations when converting an ordinary partnership to a limited liability partnership. 

The concept of the limited liability partnership (LLP) was introduced a little more than 20 years ago, and is governed by the Limited Liability Partnerships Act 2000.  

As is evident from the name, a main attraction is ‘limited liability’; this may be why those trading in an ordinary partnership (or indeed sole traders considering entering a partnership) may want to consider an LLP as the format for their business.  

Converting to an LLP 

Similar to a company, an annual return and accounts must be filed with Companies House, but there is still some of the flexibility of an ordinary partnership. To convert a partnership to an LLP there are several recommended steps. 

  1. The

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