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Furst, David; Gale, Steve
January 2005
Lawyer;1/24/2005, Vol. 19 Issue 3, p23
Trade Publication
This article focuses on conversion of law firms into limited-liability partnership (LLP). Partners in firms that have converted to LLP will normally have noticed little if any difference in the way in which their firm is managed, an LLP is very flexible in this regard. However, as part of the conversion process, firms should pay close attention to how their accounts will look in future. The accounting rules that apply to LLPs are such that statutory balance sheets might present a very different picture from the partnership balance sheet. As an LLP is a separate, corporate entity, the accounting policies that LLPs are required to apply will not be concerned with ensuring equity among the members of the business.


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