LLP’s - Key Issues for 2023

Objectives

This webinar will look at the financial implications of operating as an LLP. Limited Liability Partnerships were introduced into UK Company Law to provide a legal entity that provides limited liability to the owners but can also reflect a traditional partnership business model. The session is designed to explain all the most significant implications of operating as an LLP including the most important recent developments and issues for 2023.

Key Topics

• The Regulatory Framework – key requirements of the Companies Act 2006 and the importance of the Members’ Agreement and tax implications of operating as an LLP
• The content of the annual report and the responsibilities of members (including the role of Designated Members) regarding such information.
• General accounting requirements of UKGAAP (FRS 102) the LLP SORP, recent changes and the possible implications of the latest planned revisions to FRS 102
• Key financial reporting issues; including:
  • Members remuneration and interests including capital contributions and undrawn profits
  • WIP, provisions and revenue recognition for professional services firms
  • Retirement benefits and members annuities
  • Other topical issues such as going concern
• How to transition from a partnership to an LLP

Who should attend

This session is primarily focused to be of benefit to accountants and auditors who act for LLPs, it will also help LLP members, especially Designated Members to understand the financial and regulatory obligations involved in running such an entity.