The micro-entities regime for LLPs
The micro-entities regime for LLPs

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • The micro-entities regime for LLPs
  • Brexit impact
  • Rules and guidance
  • When the micro-entities regime applies
  • Annual accounts
  • Requirement for accounts to be audited
  • Accounts to be filed—micro-entities

Brexit impact

The UK corporate reporting framework may be affected by Brexit. For further details of its impact, see Brexit—accounts and reports.

Rules and guidance

The statutory rules governing the annual accounts of limited liability partnerships (LLPs) that qualify as micro-entities (a sub-group of small LLPs) are set out in:

  1. Part 15 of the Companies Act 2006 (CA 2006)

  2. the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (2008 Regulations), which apply parts of the CA 2006 to LLPs

  3. the Small Limited Liability Partnerships (Accounts) Regulations 2008, SI 2008/1912 (Small LLP Regulations)

  4. the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, SI 2016/575 (2016 Regulations)

  5. the Statutory Auditors Regulations 2017

The micro-entity regime was extended to LLPs by the 2016 Regulations and applies to LLPs with financial periods beginning on or after 1 January 2016 (or on or after 1 January 2015 where the members of the LLP elect for early adoption of the requirements of the 2016 Regulations).

For a general overview of the statutory framework for LLP annual accounts, see Practice Note: LLP Accounts—an outline of the statutory framework.

For further details on the rationale for creating a separate regime for micro-entities, see Practice Note: The micro-entities regime—Why a separate regime for micro-entities?

When the micro-entities regime