Recognising the continuing importance of accounting concepts for tax professionals Stuart Collins Partner PKF looks at the accounting pitfalls when converting a partnership into an LLP
This article summarises some of the significant accounting issues that may be encountered when converting a traditional partnership into a limited liability partnership (LLP). Careful planning is an important part of such a conversion and the accounting requirements should be anticipated and addressed at an early stage to ensure a smooth process.
Partnerships are not required to prepare their accounts under full UK accounting standards and few do this voluntarily choosing instead to adopt accounting policies that are straightforward to administer or felt to better achieve equity between partners. In theory partnership accounts prepared for tax purposes should comply with accounting...
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Recognising the continuing importance of accounting concepts for tax professionals Stuart Collins Partner PKF looks at the accounting pitfalls when converting a partnership into an LLP
This article summarises some of the significant accounting issues that may be encountered when converting a traditional partnership into a limited liability partnership (LLP). Careful planning is an important part of such a conversion and the accounting requirements should be anticipated and addressed at an early stage to ensure a smooth process.
Partnerships are not required to prepare their accounts under full UK accounting standards and few do this voluntarily choosing instead to adopt accounting policies that are straightforward to administer or felt to better achieve equity between partners. In theory partnership accounts prepared for tax purposes should comply with accounting...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
