Key issues of LLP conversion

Converting to a limited liability partnership can be attractive to professional services firms, but partners need to carefully consider objectives, preparation and the transfer of business, say CM Murray’s Zulon Begum and Pooja Dasgupta

Accountancy practices structured as general partnerships or limited companies often consider converting to limited liability partnership (LLP) status for a variety of reasons, noting the attractive features, and therefore widespread popularity, of the LLP structure, particularly in the professional services sector.

So, what are the key issues for firms to consider when converting to LLP status?

1. Objectives

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