UK limited liability partnerships (LLPs) could be potentially affected by the Department of Business Innovation & Skills proposals
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UK limited liability partnerships (LLPs) could be potentially affected by the Department of Business Innovation & Skills proposals

The Department of Business Innovation & Skills (BIS), a UK ministerial department for economic growth, released a discussion paper on corporate transparency, which put forward proposals that would potentially affect limited liability partnerships (LLPs).

 

If adopted, the proposals prohibit the use of corporate directors and both new and existing LLPs would be required to have only individual members.

 

The UK government welcomes the proposals, though indicates that they will require amendments to current corporate legislation. 

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