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OFF-BALANCE SHEET ARRANGEMENTS |
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LIMITED LIABILITY PARTNERSHIPS |
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The Government has recently made public its response to the consultation paper issued in November 2007, regarding the application of specific provisions within the Companies Act (CA) 2006 to limited liability partnerships (LLPs). The Government plans to apply the provisions of CA 2006 to LLPs where they correspond to relevant provisions contained in the CA 1985. The new provisions will come into effect for accounting periods beginning on 1 October 2009, with the following exceptions: » provisions relating to the accounts and audit of LLPs should be applied to financial years beginning on or after 1 October 2008; and » the new code of directors’ duties will not apply to members of LLPs. |
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PARTNERSHIPS |
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