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 6th February 2008 and in May 2008 the Government published for comment 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 Government Response to the November 2007 consultation has also been published and is available here:
The Government would like to thank those who responded to the consultation and commented on the draft regulations. The draft LLP regulations applying the accounts and audit provisions of the 2006 Act have now been made, following approval by both Houses of Parliament.
We will in due course publish for comment the draft regulations applying the remaining provisions of the 2006 Act to LLPs. These regulations are due to come into effect in October 2009.
Should you have any questions please email: Consultationllpregulations2008@berr.gsi.gov.uk
|Statutory Instruments||Related Documents|
|SI2008/1911 The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008||Regulations|
|SI2008/1912 The Small Limited Liability Partnerships (Accounts) Regulations 2008||Regulations|
|SI2008/1913 The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008||Regulations|
Change in the Published Timetable for Applying EU Cross-Border Mergers Rules to Limited Liability Partnerships
In March 2007, the Government consulted on the implementation of the Cross-Border Mergers Directive (2005/56/EC) for companies, which enables cross-border mergers between companies within the EEA. As part of its response to this consultation, the Government announced in the November 2007 consultation document on LLPs its intention to bring forward legislation extending the scope of implementation to LLPs, to coincide with the implementation of the accounts and audit provisions of the 2006 Act for LLPs in October 2008.
After further consideration it is now apparent that, due to the change in the commencement timetable of the 2006 Act for companies and the subsequent change in the timetable for the application of the 2006 Act to LLPs, it would be more appropriate to extend legislation on cross-border mergers to LLPs in October 2009 and to do as part of the regulations applying the remaining provisions of the 2006 Act to LLPs.
Frequently Asked Questions (FAQs)
To view the FAQ page on Limited Liability Partnerships click here LLP FAQ