Sole trader/LLP

Kay Thompson

Hi

Can anyone help with this. I normally only do sole traders but one of my clients was a soletrader Apr to Dec then set up as an LLP with an 80/20 split. I now have to put his self assessment together and its doing my head. Also I have no templates for LLP's

Thanks for listening

T.C.

When this type of thing happens to me when I am asked to do something I am not "expert" at, I pass to a contact who I met here on the forum.

Monsoon

I'm with TC on this one. LLPs are a bit of an oddity, I have zero experience in them and so I always decline.

If you can't find someone on here to subcontract to, you could post an opportunity to AccountingWeb.co.uk.

I would hazard a guess that LLP accounts aren't cheap.

burg

With the others on this. I also have no experience of LLP's and would decline any or subcontract out.

Steve Collings

Help

LLP accounts are governed by a SoRP and, whilst the format of the accounts may resemble those of an incorporated entity, there are some extremely notable differences (particularly with the terminology) and the way in which profit is distributed amongst the members (you will need a copy of the members agreement).

You need to be familiar with the SoRP on LLPs and it may be an idea for you to subcontract the work if you have no experience of dealing with them as it isn't simply a case of obtaining a "template" and preparing the accounts.

Best regards
Steve

Siany

You need to get the working document - LLP Sorp 2006. Its quite a few pages - but will need to be read thoroughly to ascertain the type of liability or capital your partners will in effect have.

There are some good working examples in the document and this should mirror the partnership agreements that also should be in place.

There are also extensive details as to what is required to support the financial statements in the "notes" section.

The basis of the SORP is really to provide clarity as to extent of liability the LLP has to its partners - visa-versa and whether there is a right to receive a share of profits or not - either clearly defined in the agreement as a matter of course - or by unanimous vote by all those eligible to vote.