The small LLPs regime
The small LLPs regime

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

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

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 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 LLPs 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

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.

For a