The following Corporate guidance note provides comprehensive and up to date legal information covering:
The UK corporate reporting framework may be affected by Brexit. For further details of its impact, see Brexit—accounts and reports.
The statutory rules governing the annual accounts of small LLPs are set out in:
Part 15 of the Companies Act 2006 (CA 2006)
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
the Small Limited Liability Partnerships (Accounts) Regulations 2008, SI 2008/1912 (Small LLPs Regulations)
the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, SI 2016/575 (2016 Regulations)
the Statutory Auditors Regulations 2017
This Practice Note deals with the accounting regime as applied to small LLPs under the 2016 Regulations. The 2016 Regulations implemented various changes to the accounting regime for LLPs and qualifying partnerships and apply in relation to 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).
This Practice Note does not deal with the accounting regime for micro-entities, which are a sub-group of small LLPs. For further details on the statutory rules governing annual accounts of a micro-entity, see Practice Note: The micro-entities regime for LLPs.
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234