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February 22, 2016

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

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

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

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

Detail of outcomeWe 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 receivedPublished: 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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