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The partners of Barnes Roffe are pleased to announce
that from 1 October 2003 the firm has changed into a Limited Liability
Partnership (an "LLP"). Since 2001 there has existed legislation in the United
Kingdom to allow the formation of such LLPs. They are corporate bodies with the
ability to act as a company, with limited liability and compliance requirements
just like a company. However, they maintain the taxation elements of a
partnership for the members of the LLP.
This new type of corporate vehicle was introduced to
enable professional partnerships to obtain the benefits of limited liability
whilst retaining the essential taxation flexibility to reflect the unique way
in which professional partnerships change with the addition and retirement of
partners. Whilst a normal Limited Company will usually be a more appropriate
entity for most businesses, the use of an LLP may be suitable in more areas
than just for professional partnerships. |
