Understanding LLPs and Their Accounting Requirements - Key Points

This course will provide an understanding of LLPs, together with the relevant legislation and reporting requirements.  It is designed to provide an understanding of the nature of LLPs and how they differ from other business structures in terms of accounting, including the specific LLP SORP which applies to LLP accounts.

This course covers the key points concerning:

• The legal framework for LLPs
• Conversion issues for an existing partnership
• Members’ agreements
• Tax treatment of LLPs
• LLP financial statements – what’s different?
• Debt and equity interests
• Members’ remuneration
• Analysis of members’ interests
• The LLP SORP
• Current reporting requirements for LLPs and examples from LLP financial statements
• Audit issues