Jeff Selden looks at the Companies Act 2006 and its impact on LLPs.
The Companies Act 2006 received Royal Assent in November, and its provisions are already being implemented. Earlier this year the Government, by way of the Department for Business Enterprise & Regulatory Reform (BERR), consulted on how best to apply the Act to limited liability partnerships (LLPs).
BERR has now issued a further consultation paper setting out specific proposals. The paper proposes that the provisions of the 2006 Act should be applied as far as possible to replace the provisions of the Companies Act 1985 currently applied to LLPs. Two examples of changes in the 2006 Act, which are proposed to apply to LLPs, are shortening the deadline for filing accounts at Companies House from ten to nine months, and removing the exemption from preparing consolidated accounts for medium-size groups.
