Transfer of Partnership status
13 January 2010
We advised a firm of construction consultants on its transfer from unincorporated partnership to a Limited Liability Partnership in order to provide the members of the partnership with the benefit of limited liability. The transaction advised on involved a risk assessment for the new LLP and was structured to allow the parallel operation of the old partnership with the new LLP. This is significant in the context of tax and risk for the new LLP because the new LLP might not be regarded by the insurers for professional indemnity insurance purposes as a "successor practice" to the old partnership.