Emma Cameron offers practical advice for accountancy firms that are considering the leap to an LLP status.

It has been possible to convert a partnership into a limited liability partnership (LLP) since 2001. Since that time, many accountancy firms have decided to take the plunge.

But what is an LLP, and what are the pros and cons of converting? Essentially, an LLP combines some aspects of a private limited company with those of a traditional partnership. But unlike the latter, it is a body corporate and has a legal entity separate from its members.