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Post Info TOPIC: Change an LLP to a Ltd Company
RossDunn


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Change an LLP to a Ltd Company
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Evening All,

I have just acquired a client who is an LLP, they have asked me if I can change the company from an LLP to a Ltd Company.

This is the first time I have been asked to do this, as I normally use Jordans to incorporate companies that I have made in the past.

Is it possible or should the LLP be shut down and a new Ltd Company Formed?

Any views would be great.

Ross

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BannanaMan


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Hi Ross

I don't think it's possible to convert an LLP to a Limited Company. I think you'll need to cease trade of the partnership and transfer any assets to a newly incorporated limited company.



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Bannana Man

A.K.A. Ben the mild-mannered Book Keeper
RobH


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Hi Ross,

If they want to keep the same name as the LLP then they would need to incorporate with a different name, dissolve the LLP and then change the name of the company to the original name.

Rob

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Rob
www.accounts-solutions.com
RossDunn


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Cheers for your replys D Dasardly and Bananaman,

I will inform the client that they need to close the LLP and form a new ltd co.

Ross

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bookkeepertim


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You could look at selling goodwill as part of the transfer of the business - it depends a little on the circumstances, but you might be able to justify a price that generates minimal/no capital gain for the members of LLP and a tax deductible expense in the LTD..

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Tim
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My Bookkeeping Online
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