The paper, unveiled by the Department for Business Enterprise & Regulatory Reform (BERR), proposes that the Government require all foreign-registered partnerships to disclose key information. However, it will consult further on precisely what this information will be.
Many
The BERR is also preparing for further discussion on the costs and benefits of treating overseas partnerships in a similar way to overseas companies under the Companies Act. In particular, it is seeking views on how to define an overseas LLP.
The LLP regime in
The Government is preparing to introduce two separate sets of regulations relating to the accounts of LLPs, one governing the accounts of small partnerships and one to cover those of larger LLPs.
The Government aims to publish draft regulations in mid-2008. Following the delay to the implementation of parts of the Companies Act announced at the beginning of the month, the requirements for LLPs will also be put back to October 2009.
The consultation, which began in February, received 34 responses. Clifford Chance and DLA Piper were the only law firms to respond, while the law societies of
Partnership specialist Ronnie Fox said most
