There are now nearly 40,000 LLPs registered in the UK with approximately 8,000 new LLPs incorporated annually. From 1 October 2009, the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 will replace the existing regulations applicable to LLPs and apply (with modifications) the provisions of the Companies Act 2006 to LLPs.
The Regulations should be much easier to follow as they set out in full those provisions of the Companies Act 2006 (as modified) that apply to LLPs. The changes are largely administrative.
The key provisions of the 2006 Act that will apply (as modified) to LLPs include:
- names and trading disclosures;
- members' details;
- execution of deeds and documents;
- registered office; and