Limited Liability Partnership LLP - Revision history

Designing Buildings at 09:37, 15 October 2020

2020-10-15T09:37:46Z

← Older revision		Revision as of 09:37, 15 October 2020
Line 51:		Line 51:
	This article was created by--[[User:Martinc\|Martinc]] 15:35, 2 April 2015 (BST)		This article was created by--[[User:Martinc\|Martinc]] 15:35, 2 April 2015 (BST)

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki =
−		+
−	=== Related articles on Designing Buildings Wiki ===	+

	* Business model.		* Business model.
Line 75:		Line 73:
	* [https://www.gov.uk/set-up-and-run-limited-liability-partnership/register-your-llp Registering a Limited Liability Partnership.]		* [https://www.gov.uk/set-up-and-run-limited-liability-partnership/register-your-llp Registering a Limited Liability Partnership.]

−	[[Category:~~Other_legislation~~]] [[Category:DCN_Legislation]] [[Category:Cost_/_business_planning]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_Legislation]] [[Category:Other_legislation]] [[Category:Cost_/_business_planning]]

Editor at 15:13, 8 January 2018

2018-01-08T15:13:33Z

← Older revision		Revision as of 15:13, 8 January 2018
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	= Responsibilities of the members =		= Responsibilities of the members =

−	All partnerships require at least two designated members who will have responsibilities for activities within the company, for example maintaining the company accounts. It is possible to have any number of ordinary members.	+	All partnerships require at least two designated members who will have responsibilities for activities within the company; for example, maintaining the company accounts. It is possible to have any number of ordinary members.

	All members must undertake their duties and meet any legal responsibilities as detailed in the limited liability partnership agreement.		All members must undertake their duties and meet any legal responsibilities as detailed in the limited liability partnership agreement.
Line 64:		Line 64:
	* Limited company.		* Limited company.
	* Partnering and joint ventures.		* Partnering and joint ventures.
		+	* Partnership.
	* Personal service company.		* Personal service company.
	* Sole trader.		* Sole trader.
Line 74:		Line 75:
	* [https://www.gov.uk/set-up-and-run-limited-liability-partnership/register-your-llp Registering a Limited Liability Partnership.]		* [https://www.gov.uk/set-up-and-run-limited-liability-partnership/register-your-llp Registering a Limited Liability Partnership.]

−	[[Category:Other_legislation]] [[Category:Cost_/_business_planning]]	+	[[Category:Other_legislation]] [[Category:DCN_Legislation]] [[Category:Cost_/_business_planning]]

Editor at 18:47, 15 December 2017

2017-12-15T18:47:14Z

← Older revision		Revision as of 18:47, 15 December 2017
Line 1:		Line 1:
	= Introduction =		= Introduction =

−	It is important that businesses have a formal structure that defines their legal responsibilities. Traditionally, this has included business structures such as; sole trader, limited company, partnership and so on. The limited liability partnership (LLP) is a relatively recent business structure which combines elements of the traditional partnership with those of limited companies.	+	It is important that businesses have a formal structure that defines their legal responsibilities. Traditionally, this has included business structures such as; sole trader, limited company, partnership, and so on. The limited liability partnership (LLP) is a relatively recent business structure which combines elements of the traditional partnership with those of limited companies.

	A limited liability partnership can be set up between 2 or more individuals and each member can be a person or a company. Members of LLPs carry joint, but not several liability for the actions of the LLP, and so a member cannot lose more than they have invested, unless fraud or some other form of wrongdoing is proven.		A limited liability partnership can be set up between 2 or more individuals and each member can be a person or a company. Members of LLPs carry joint, but not several liability for the actions of the LLP, and so a member cannot lose more than they have invested, unless fraud or some other form of wrongdoing is proven.
Line 11:		Line 11:
	In a limited liability partnership, the businesses’ profits are divided between the partners. From a tax perspective LLPs are treated in the same way as traditional partnerships in that income is taxed in the year that it is apportioned to the members. Members are therefore effectively treated as self-employed in so far as tax is concerned.		In a limited liability partnership, the businesses’ profits are divided between the partners. From a tax perspective LLPs are treated in the same way as traditional partnerships in that income is taxed in the year that it is apportioned to the members. Members are therefore effectively treated as self-employed in so far as tax is concerned.

−	Unlike traditional partnerships, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to ~~Companies~~ so, to that extent, elements of their affairs are visible on the public record.	+	Unlike traditional partnerships, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to companies so, to that extent, elements of their affairs are visible on the public record.

	= Setting up =		= Setting up =
Line 65:		Line 65:
	* Partnering and joint ventures.		* Partnering and joint ventures.
	* Personal service company.		* Personal service company.
		+	* Sole trader.
	* Special purpose vehicles.		* Special purpose vehicles.
	* VAT.		* VAT.

Editor at 10:21, 13 June 2016

2016-06-13T10:21:07Z

← Older revision		Revision as of 10:21, 13 June 2016
Line 56:		Line 56:

	* Business model.		* Business model.
		+	* Company acquisitions in construction.
	* Construction industry institutes and associations.		* Construction industry institutes and associations.
	* Construction organisation design.		* Construction organisation design.

Editor at 10:20, 3 March 2016

2016-03-03T10:20:23Z

← Older revision		Revision as of 10:20, 3 March 2016
Line 1:		Line 1:
−
	= Introduction =		= Introduction =

Line 17:		Line 16:

	In order to set up a limited liability partnership, the following is required:		In order to set up a limited liability partnership, the following is required:
−	*A name.	+
−	*Two or more designated members.	+	* A name.
−	*A registered address.	+	* Two or more designated members.
−	*A limited liability partnership agreement which states how the business will be run.	+	* A registered address.
−	*Registration of the company with Companies House.	+	* A limited liability partnership agreement which states how the business will be run.
		+	* Registration of the company with Companies House.

	It is possible to register the partnership by post, through approved software or through an agent.		It is possible to register the partnership by post, through approved software or through an agent.

	Usually a LLP is governed according to a LLP Agreement which is similar to a company’s memorandum and articles, setting out the responsibilities for the partners and the profit share. LLPs are highly flexible entities and the terms of agreement may include the following details:		Usually a LLP is governed according to a LLP Agreement which is similar to a company’s memorandum and articles, setting out the responsibilities for the partners and the profit share. LLPs are highly flexible entities and the terms of agreement may include the following details:
−	*Profit share agreement between members.	+
−	*Responsibilities for agreeing decisions.	+	* Profit share agreement between members.
−	*Responsibilities for individual members’.	+	* Responsibilities for agreeing decisions.
−	*The procedure for members leaving or joining the partnership.	+	* Responsibilities for individual members’.
		+	* The procedure for members leaving or joining the partnership.

	= Responsibilities of the members =		= Responsibilities of the members =
Line 38:		Line 39:

	The designated members have more roles and responsibilities than the ordinary members, which may include:		The designated members have more roles and responsibilities than the ordinary members, which may include:
−	*Registering the partnership for self-assessment with HMRC.
−	*Registering the partnership for VAT (if sales are anticipated to exceed the VAT threshold).
−	*Appointing an auditor.
−	*Maintaining accounting records.
−	*Preparing, signing and sending annual accounts and other documentation to Companies House.
−	*Notifying Companies House of any changes to the partnership.
−	*Acting on behalf of the partnership if it is closed and dissolved.

−	-~~---~~	+	* Registering the partnership for self-assessment with HMRC.
		+	* Registering the partnership for VAT (if sales are anticipated to exceed the VAT threshold).
		+	* Appointing an auditor.
		+	* Maintaining accounting records.
		+	* Preparing, signing and sending annual accounts and other documentation to Companies House.
		+	* Notifying Companies House of any changes to the partnership.
		+	* Acting on behalf of the partnership if it is closed and dissolved.

−	This article was created by--[[User~~%3AMartinc~~\|Martinc]] 15:35, 2 April 2015 (BST)	+	-----
		+	This article was created by--[[User:Martinc\|Martinc]] 15:35, 2 April 2015 (BST)

	= Find out more =		= Find out more =

	=== Related articles on Designing Buildings Wiki ===		=== Related articles on Designing Buildings Wiki ===
−	*Business model.	+
−	*Construction industry institutes and associations.	+	* Business model.
−	*Construction organisation design.	+	* Construction industry institutes and associations.
−	*IR35.	+	* Construction organisation design.
−	*Joint venture.	+	* Construction organisations and strategy.
−	*Limited company.	+	* IR35.
−	*Partnering and joint ventures.	+	* Joint venture.
−	*Personal service company.	+	* Limited company.
−	*Special purpose vehicles.	+	* Partnering and joint ventures.
−	*VAT.	+	* Personal service company.
		+	* Special purpose vehicles.
		+	* VAT.

	=== External references ===		=== External references ===
−	*[https://www.gov.uk/government/collections/companies-house-guidance-for-limited-companies-partnerships-and-other-company-types#limited-liability-partnerships-llps Guidance for Limited Liability Partnerships].
−	*[https://www.gov.uk/set-up-and-run-limited-liability-partnership/register-your-llp Registering a Limited Liability Partnership.]

−	[[Category:Other_legislation]]	+	* [https://www.gov.uk/government/collections/companies-house-guidance-for-limited-companies-partnerships-and-other-company-types#limited-liability-partnerships-llps Guidance for Limited Liability Partnerships].
−	[[Category:Cost_/_business_planning]]	+	* [https://www.gov.uk/set-up-and-run-limited-liability-partnership/register-your-llp Registering a Limited Liability Partnership.]
		+
		+	[[Category:Other_legislation]] [[Category:Cost_/_business_planning]]

Designing Buildings at 08:50, 6 May 2015

2015-05-06T08:50:37Z

Designing Buildings at 08:46, 6 May 2015

2015-05-06T08:46:12Z

← Older revision		Revision as of 08:46, 6 May 2015
Line 1:		Line 1:
		+
		+	= Introduction =

−	The Limited Liability Partnership (LLP) is a relatively recent business structure which combines elements of the traditional Partnership with those of Limited Liability Companies.	+	It is important that businesses have a formal structure which will define the legal responsibilities. Traditionally, this has included business structures such as; Sole trader, limited company, partnership and so on. The Limited Liability Partnership (LLP) is a relatively recent business structure which combines elements of the traditional Partnership with those of Limited Liability Companies.

−	~~They are governed by the Limited Liability Partnership Act 2000~~ and ~~are~~ a ~~response to representations from the professions that~~, ~~in an increasingly litigious world~~, ~~the traditional unlimited personal~~ liability ~~implicit in~~ a ~~traditional Partnership should be replaced by a structure offering~~ some ~~limitation~~ of ~~liability when carrying out normal business activities~~.	+	A limited liability partnership can be set up between 2 or more individuals and each member can be a person or a company. Members of LLPs carry joint, but not several, liability for the actions of the LLP, and so a member cannot lose more than they have invested, unless fraud or some other form of wrongdoing is proven.

−	~~Members of~~ LLPs ~~carry joint,~~ but ~~not several, liability~~ for ~~the actions of the LLP. Usually a LLP is governed according to a LLP Agreement which is similar to a company’s Memorandum~~ and ~~Articles but the key point is~~ that, ~~like in a company a~~ member ~~cannot lose more than they~~ have ~~invested, unless fraud or some other form of wrongdoing is proven~~.	+	LLPs are most commonly found in the accountancy and legal professions but they are increasingly used as vehicles for property investment and, in that context, are particularly useful where member investors may have very differing tax positions to consider; a situation which can be assisted by the simple tax transparency which LLPs provide.

−	From a tax perspective LLPs are treated in the same way as traditional partnerships in that income is taxed in the year that it is apportioned to the members. Members are therefore effectively treated as self-employed in so far as tax is concerned.	+	= Profits and taxation =

−	~~LLPs are highly flexible entities and~~, ~~depending upon~~ the ~~terms of agreement drawn up to govern such an entity, facilitate~~ the ~~addition~~ and ~~removal of members in~~ a ~~way which does not apply so readily to the traditional partnership structure.~~	+	In a limited liability partnership, the businesses’ profits are divided between the partners and each partner. From a tax perspective LLPs are treated in the same way as traditional partnerships in that income is taxed in the year that it is apportioned to the members. Members are therefore effectively treated as self-employed in so far as tax is concerned.
−		+
−	LLPs are ~~most commonly found~~ in the ~~accountancy and legal professions but they are increasingly used~~ as ~~vehicles for property investment and,~~ in that ~~context, are particularly useful where member investors may have very differing tax positions~~ to ~~consider; a situation which can be assisted by~~ the ~~simple~~ tax ~~transparency which LLPs provide~~.	+

	Unlike traditional Partnerships, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to Companies so, to that extent, elements of their affairs are visible on the public record.		Unlike traditional Partnerships, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to Companies so, to that extent, elements of their affairs are visible on the public record.
		+
		+	= Setting up =
		+
		+	In order to set up a limited liability partnership, the following is required:
		+	*A name.
		+	*Two or more designated members.
		+	*A registered address.
		+	*A limited liability partnership agreement which states how the business will be run.
		+	*Registration of the company with Companies House.
		+
		+	It is possible to [https://www.gov.uk/set-up-and-run-limited-liability-partnership/register-your-llp register] the partnership by post, through approved software or through an agent.
		+
		+	Usually a LLP is governed according to a LLP Agreement which is similar to a company’s memorandum and Articles, setting out the responsibilities for the partners and the profit share. LLPs are highly flexible entities and the terms of agreement may include the following details:
		+	*Profit share agreement between members.
		+	*Responsibilities for agreeing decisions.
		+	*Responsibilities for individual members’.
		+	*The procedure for members leaving or joining the partnership.
		+
		+	= Responsibilities of the members =
		+
		+	All partnerships require at least two designated members who will have responsibilities for activities within the company, for example maintaining the company accounts. It is possible to have any number of ordinary members.
		+
		+	All members must undertake their duties and meet any legal responsibilities as detailed in the limited liability partnership agreement.
		+
		+	The designated members have more roles and responsibilities than the ordinary members, which may include:
		+	*Registering the partnership for self-assessment with HMRC.
		+	*Registering the partnership for VAT (if sales are anticipated to exceed the VAT threshold).
		+	*Appointing an auditor.
		+	*Maintaining accounting records.
		+	*Preparing, signing and sending annual accounts to Companies House.
		+	*Notifying Companies House of any changes to the partnership.
		+	*Acting on behalf of the partnership if it is closed and dissolved.

	----		----
Line 31:		Line 63:
	*Special purpose vehicles.		*Special purpose vehicles.
	*VAT.		*VAT.
		+
		+	=== External references ===
		+	*[https://www.gov.uk/government/collections/companies-house-guidance-for-limited-companies-partnerships-and-other-company-types#limited-liability-partnerships-llps Guidance for Limited Liability Partnerships].
		+	*[https://www.gov.uk/set-up-and-run-limited-liability-partnership/register-your-llp Registering a Limited Liability Partnership.]

	[[Category:Other_legislation]]		[[Category:Other_legislation]]
	[[Category:Cost_/_business_planning]]		[[Category:Cost_/_business_planning]]

Designing Buildings: moved Limited Liability Partnership to Limited Liability Partnership LLP

2015-04-08T07:35:40Z

moved Limited Liability Partnership to Limited Liability Partnership LLP

← Older revision

Revision as of 07:35, 8 April 2015

Designing Buildings at 10:54, 3 April 2015

2015-04-03T10:54:19Z

← Older revision		Revision as of 10:54, 3 April 2015
Line 1:		Line 1:

−	The Limited Liability Partnership (LLP) is a relatively ~~recently conceived~~ business structure which combines elements of the traditional Partnership with those of Limited Liability Companies.	+	The Limited Liability Partnership (LLP) is a relatively recent business structure which combines elements of the traditional Partnership with those of Limited Liability Companies.

−	They are governed by the Limited Liability Partnership Act 2000 and are a response to representations from the professions that, in an increasingly litigious ~~World~~, the traditional unlimited personal liability implicit in a traditional Partnership should be replaced by a structure offering some limitation of liability when carrying out ~~one’s~~ normal business activities.	+	They are governed by the Limited Liability Partnership Act 2000 and are a response to representations from the professions that, in an increasingly litigious world, the traditional unlimited personal liability implicit in a traditional Partnership should be replaced by a structure offering some limitation of liability when carrying out normal business activities.

−	~~Thus the LLP was born.~~	+	Members of LLPs carry joint, but not several, liability for the actions of the LLP. Usually a LLP is governed according to a LLP Agreement which is similar to a company’s Memorandum and Articles but the key point is that, like in a company a member cannot lose more than they have invested, unless fraud or some other form of wrongdoing is proven.
−		+
−	Members of LLPs carry joint, but not several, liability for the actions of the LLP ~~itself~~. Usually a LLP is governed according to a LLP Agreement which is similar to a company’s Memorandum and Articles but the key point is that, like in a ~~Company~~ a member cannot lose more than ~~he has~~ invested, unless fraud or some other form of wrongdoing is proven.	+

	From a tax perspective LLPs are treated in the same way as traditional partnerships in that income is taxed in the year that it is apportioned to the members. Members are therefore effectively treated as self-employed in so far as tax is concerned.		From a tax perspective LLPs are treated in the same way as traditional partnerships in that income is taxed in the year that it is apportioned to the members. Members are therefore effectively treated as self-employed in so far as tax is concerned.

−	LLPs are highly flexible entities and, depending upon the terms of ~~any~~ agreement drawn up to govern such an entity, facilitate the addition and removal of members in a way which does not apply so readily to the traditional partnership structure.	+	LLPs are highly flexible entities and, depending upon the terms of agreement drawn up to govern such an entity, facilitate the addition and removal of members in a way which does not apply so readily to the traditional partnership structure.

−	LLPs are most commonly found in the accountancy and legal professions but they are ~~also~~ increasingly used as vehicles for property investment and, in that context, are particularly useful where member investors may have very differing tax positions to consider; a situation which can be assisted by the simple tax transparency which LLPs provide.	+	LLPs are most commonly found in the accountancy and legal professions but they are increasingly used as vehicles for property investment and, in that context, are particularly useful where member investors may have very differing tax positions to consider; a situation which can be assisted by the simple tax transparency which LLPs provide.

	Unlike traditional Partnerships, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to Companies so, to that extent, elements of their affairs are visible on the public record.		Unlike traditional Partnerships, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to Companies so, to that extent, elements of their affairs are visible on the public record.
Line 31:		Line 29:
	*Partnering and joint ventures.		*Partnering and joint ventures.
	*Personal service company.		*Personal service company.
		+	*Special purpose vehicles.
	*VAT.		*VAT.

	[[Category:Other_legislation]]		[[Category:Other_legislation]]
	[[Category:Cost_/_business_planning]]		[[Category:Cost_/_business_planning]]

Designing Buildings at 10:48, 3 April 2015

2015-04-03T10:48:52Z

← Older revision		Revision as of 10:48, 3 April 2015
Line 1:		Line 1:

−		+	The Limited Liability Partnership (LLP) is a relatively recently conceived business structure which combines elements of the traditional Partnership with those of Limited Liability Companies.
−	Limited Liability Partnership (~~“LLP”)~~	+
−		+
−	~~The~~ LLP is a relatively recently conceived business structure which combines elements of the traditional Partnership with those of Limited Liability Companies.	+

	They are governed by the Limited Liability Partnership Act 2000 and are a response to representations from the professions that, in an increasingly litigious World, the traditional unlimited personal liability implicit in a traditional Partnership should be replaced by a structure offering some limitation of liability when carrying out one’s normal business activities.		They are governed by the Limited Liability Partnership Act 2000 and are a response to representations from the professions that, in an increasingly litigious World, the traditional unlimited personal liability implicit in a traditional Partnership should be replaced by a structure offering some limitation of liability when carrying out one’s normal business activities.
Line 19:		Line 16:
	Unlike traditional Partnerships, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to Companies so, to that extent, elements of their affairs are visible on the public record.		Unlike traditional Partnerships, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to Companies so, to that extent, elements of their affairs are visible on the public record.

−	This article was created by--[[User~~:Martinc~~\|Martinc]] 15:35, 2 April 2015 (BST)	+	----
		+
		+	This article was created by--[[User%3AMartinc\|Martinc]] 15:35, 2 April 2015 (BST)
		+
		+	= Find out more =
		+
		+	=== Related articles on Designing Buildings Wiki ===
		+	*Business model.
		+	*Construction industry institutes and associations.
		+	*Construction organisation design.
		+	*IR35.
		+	*Joint venture.
		+	*Limited company.
		+	*Partnering and joint ventures.
		+	*Personal service company.
		+	*VAT.

	[[Category:Other_legislation]]		[[Category:Other_legislation]]
		+	[[Category:Cost_/_business_planning]]

← Older revision		Revision as of 08:50, 6 May 2015
Line 1:		Line 1:
−		+
	= Introduction =		= Introduction =

−	It is important that businesses have a formal structure ~~which will define the~~ legal responsibilities. Traditionally, this has included business structures such as; ~~Sole~~ trader, limited company, partnership and so on. The ~~Limited Liability Partnership~~ (LLP) is a relatively recent business structure which combines elements of the traditional ~~Partnership~~ with those of ~~Limited Liability Companies~~.	+	It is important that businesses have a formal structure that defines their legal responsibilities. Traditionally, this has included business structures such as; sole trader, limited company, partnership and so on. The limited liability partnership (LLP) is a relatively recent business structure which combines elements of the traditional partnership with those of limited companies.

−	A limited liability partnership can be set up between 2 or more individuals and each member can be a person or a company. Members of LLPs carry joint, but not several, liability for the actions of the LLP, and so a member cannot lose more than they have invested, unless fraud or some other form of wrongdoing is proven.	+	A limited liability partnership can be set up between 2 or more individuals and each member can be a person or a company. Members of LLPs carry joint, but not several liability for the actions of the LLP, and so a member cannot lose more than they have invested, unless fraud or some other form of wrongdoing is proven.

−	LLPs are most commonly found in the accountancy and legal professions but they are increasingly used as vehicles for property investment and, in that context, are particularly useful where member investors may have very differing tax positions to consider; a situation which can be assisted by the simple tax transparency which LLPs provide.	+	LLPs are most commonly found in the accountancy and legal professions but they are increasingly used as vehicles for property investment and, in that context, are particularly useful where member investors may have very differing tax positions to consider; a situation which can be assisted by the simple tax transparency which LLPs provide.

	= Profits and taxation =		= Profits and taxation =

−	In a limited liability partnership, the businesses’ profits are divided between the partners ~~and each partner~~. From a tax perspective LLPs are treated in the same way as traditional partnerships in that income is taxed in the year that it is apportioned to the members. Members are therefore effectively treated as self-employed in so far as tax is concerned.	+	In a limited liability partnership, the businesses’ profits are divided between the partners. From a tax perspective LLPs are treated in the same way as traditional partnerships in that income is taxed in the year that it is apportioned to the members. Members are therefore effectively treated as self-employed in so far as tax is concerned.

−	Unlike traditional ~~Partnerships~~, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to Companies so, to that extent, elements of their affairs are visible on the public record.	+	Unlike traditional partnerships, LLPs are obliged to file accounts and other documents at Companies House in much the same way that applies to Companies so, to that extent, elements of their affairs are visible on the public record.

	= Setting up =		= Setting up =
Line 23:		Line 23:
	*Registration of the company with Companies House.		*Registration of the company with Companies House.

−	It is possible to ~~[https://www.gov.uk/set-up-and-run-limited-liability-partnership/~~register~~-your-llp register]~~ the partnership by post, through approved software or through an agent.	+	It is possible to register the partnership by post, through approved software or through an agent.

−	Usually a LLP is governed according to a LLP Agreement which is similar to a company’s memorandum and ~~Articles~~, setting out the responsibilities for the partners and the profit share. LLPs are highly flexible entities and the terms of agreement may include the following details:	+	Usually a LLP is governed according to a LLP Agreement which is similar to a company’s memorandum and articles, setting out the responsibilities for the partners and the profit share. LLPs are highly flexible entities and the terms of agreement may include the following details:
	*Profit share agreement between members.		*Profit share agreement between members.
	*Responsibilities for agreeing decisions.		*Responsibilities for agreeing decisions.
Line 42:		Line 42:
	*Appointing an auditor.		*Appointing an auditor.
	*Maintaining accounting records.		*Maintaining accounting records.
−	*Preparing, signing and sending annual accounts to Companies House.	+	*Preparing, signing and sending annual accounts and other documentation to Companies House.
	*Notifying Companies House of any changes to the partnership.		*Notifying Companies House of any changes to the partnership.
	*Acting on behalf of the partnership if it is closed and dissolved.		*Acting on behalf of the partnership if it is closed and dissolved.