You are here

Operational practicalities of LLP conversion

Deciding to convert to a limited-liability partnership makes a lot of sense for firms that wish to limit the personal liability of existing partners, and can also help in attracting top recruits to the firm. It can be easy, however, to underestimate the work and partner involvement required to get it right. By Derek Godfrey

13 March 2006

Deciding to convert to a limited-liability partnership makes a lot of sense for firms that wish to limit the personal liability of existing partners, and can also help in attracting top recruits to the firm. It can be easy, however, to underestimate the work and partner involvement required to get it right.

As a result of the introduction of The Limited Liability Partnership Act 2000, professional-services partnerships can now incorporate as a limited liability partnership (LLP) and by so doing they can remove the unlimited liability of individual partners.

Specifically, in the event of a business failure (as a result of a catastrophic claim), the partners’ personal assets should not be exposed unless they themselves were shown to be negligent. Increasingly, the partners of the future, when faced with a choice between pursuing their career in a general partnership or in a LLP, will opt for the latter – why wouldn’t they?

Consequently...

Want to read on?

This article is part of our subscription-based access. Please pick one of the options below to continue.

Already registered? Login to access premium content

SUBSCRIBE for one User

Unlimited access to the entire SJ website for a full year for one user.

  • 10 issues a year delivered to you
  • Digital edition of the magazine for one user – sent to your inbox or accessible through the website
  • Access to premium content on the website
  • Access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online
  • Advanced search feature
  • Online support
  • Access to SJ app compatible with Android and Apple devices – coming soon!
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

Subscribe

CORPORATE SUBSCRIPTION

Your department or entire firm can subscribe to Solicitors Journal online, providing easy access for all who require it. Discount corporate subscription rates apply, based on number of users.

The Corporate IP Licence includes:

  • Digital copy of the magazine sent to individuals’ inboxes and accessible through the website. Solicitors Journal publishes 10 issues per year
  • Unlimited access to premium content on the website based on IP addresses
  • Unlimited access to the fully searchable online archive of Solicitors Journal, Managing Partner and Private Client Adviser, which spans over 13 years
  • Weekly email newsletter with all the latest news, analysis and features
  • Comment on SJ content and contribute to the SJ community online (username required)
  • Unlimited access to SJ app compatible with Android and Apple devices
  • 6 special focuses per year
  • Special offers and discounts on Solicitors Journal and IICJ events

The Corporate IP Licence is tailored to your firm, making it the most cost effective way for the firm to access Solicitors Journal, and enables the firm to remain compliant with copyright and our Terms and Conditions. This gives you the ability to print and circulate articles within the firm.

To enquire about a Corporate IP Licence for your firm, please contact our Subscriptions Manager on emily.beechey@solicitorsjournal.com.