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Consultation outcome - Limited liability partnerships (LLPs) and qualifying partnerships: deregulatory changes

Release by the UK Department for Business, Innovation & Skills (BIS)


Release by the UK Department for Business, Innovation & Skills (BIS)

Consultation outcome - Limited liability partnerships (LLPs) and qualifying partnerships: deregulatory changes

Full outcome
Published: 19 February 2016
Deregulatory changes for limited liability partnerships (LLPs) and qualifying partnerships: government response

Detail of outcome
We will introduce legislation to align the financial reporting regimes for Limited Liability Partnerships (LLPs) and companies, and introduce new 'micro-entities regimes' for LLPs and qualifying partnerships.

The changes include:
- raising thresholds used to determine the size of LLPs
- limiting the number of mandatory notes required of small LLPs
- giving LLPs the opportunity to use alternative layouts when preparing their profit and loss accounts and balance sheet
- allowing small LLPs to prepare an abridged balance sheet and profit and loss account
- permitting the use of the 'equity method' in individual LLP statements

Feedback received
Published: 18 January 2016

Deregulatory changes for limited liability partnerships (LLPs) and qualifying partnerships: responses

Detail of feedback received

We received 13 responses from various organisations including:
- chartered accountancy bodies (2)
- accounting firms (7)
- representatives and other bodies (4)

 

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