The Limited Liability Partnerships (Application of Company Law) (No. 2) Regulations 2024
Introduction
The Limited Liability Partnerships (Application of Company Law) (No. 2) Regulations 2024 (the “Regulations”) were made on 1st November 2024 and came into force on 1st January 2025. The Regulations amend the Limited Liability Partnerships (Application of Company Law) Regulations 2001 (the “2001 Regulations”) and make a number of important changes to the law governing limited liability partnerships (LLPs).
Key Changes
The key changes made by the Regulations include:
- The introduction of a new requirement for LLPs to have a registered office in the UK. This requirement will come into force on 1st January 2026.
- The extension of the Companies Act 2006 to LLPs in relation to the following matters:
- Accounts and audit
- Directors’ duties
- Insolvency
- Disqualification of directors
- Investigations
- The repeal of the Limited Liability Partnerships Act 2000.
Purpose of the Changes
The purpose of the changes made by the Regulations is to modernize the law governing LLPs and to bring it into line with the law governing companies. This will provide greater certainty for LLPs and their members, and will make it easier for LLPs to access finance and other services.
Impact of the Changes
The changes made by the Regulations will have a significant impact on LLPs. LLPs will need to take steps to comply with the new requirements, including:
- Appointing a registered office in the UK.
- Preparing and filing accounts and having them audited.
- Complying with the Companies Act 2006 in relation to the other matters mentioned above.
LLPs should also be aware that the repeal of the Limited Liability Partnerships Act 2000 will mean that some of the provisions that currently apply to LLPs will no longer be in force.
Conclusion
The Regulations represent a significant change to the law governing LLPs. LLPs will need to take steps to comply with the new requirements in order to avoid penalties. The changes will provide greater certainty for LLPs and their members, and will make it easier for LLPs to access finance and other services.
The Limited Liability Partnerships (Application of Company Law) (No. 2) Regulations 2024
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