LLPS

Question 1

How is an LLP set up?

Answer 1

A process of legal incorporation, which requires certain documents to be submitted to the Registrar of Companies.

Question 2

What is a members agreement?

Answer 2

It sets out the rights, duties and obligations of members - either written or oral.

Question 3

What must all LLPs have?

Answer 3

Two or more ‘designated members’ who are responsible for the legal and accounting duties.

Question 4

What are the ‘legal and accounting duties’?

Answer 4

Keeping records, arranging account audits (if required) , submitting annual accounts and the Confirmation Statement to Companies House.

Question 5

Financial Statements (4 in total)

(LLPS)

Answer 5

Statement of Profit or Loss

Statement of Financial Position

Supporting Notes to the financial statements

Auditor’s Report

Question 6

Where are the accounting requirements set out?

Answer 6

FRS 102: The Financial Reporting Standard