Limited liability partnerships (LLPs) and qualifying partnerships: deregulatory changes

We’re seeking your views on proposed deregulatory changes for limited liability partnerships and qualifying partnerships.

To put the EU Accounting Directive in place, we made changes to the financial reporting framework for companies. These changes reduced regulation and administration. We propose introducing similar changes to financial reporting for LLPs and qualifying partnerships to:

• make sure LLPs can benefit from the same reporting process
• maintain consistency across business sectors

These changes include raising the thresholds for LLPs currently classed as small, and introducing a new ‘micro-entity regime’ for qualifying partnerships and the smallest of LLPs.