Accounting for limited partnerships

Article Abstract:

The limited partnership is a popular business vehicle in the UK. Persons interested in entering a limited partnership have the option of entering a limited partnership without the obligation to participate in its management ased on a fixed limit of financing imposed on the partner. For the partnership to be termed limited, it must be registered under the Limiited Partnerships Act of 1907 and must consist of not more than 20 partners. The limited partnership can function as a subsidiary under the Companies Act of 1985. accounting and auditing finctions for limited partnerships do not differ from those prescribed for ordinary partnerships. Financial statements are not deemed a necessity, although they may be extremely useful to third-parties for illustrating financial status.

Finance, taxation, & monetary policy, Management, Usage, Stockholders, Limited partnership, Limited partnerships

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Changes for the better?

Article Abstract:

The Companies Act 1985 (Miscellaneous Accounting Amendments) Regulations 1996 eliminates many of the legislation's unnecessary disclosure requirements. The information that no longer needs to be included in the directors' report include the amount that directors plan to take to reserves, details of changes in fixed assets, and the company's provision of liability insurance to its directors and auditors. The new law also introduces changes in the particulars of the required disclosures, including the requirement for entities to include an explanation of their credit payment policies. In addition, the amended Companies Act revises regulations covering small companies and accounting reference periods. These changes are discussed.

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What happened to those SIs after CA 1985?

Article Abstract:

Four old statutory instruments that were not consolidated into Great Britain's Companies Act of 1985 are examined, as well as their effects and where to find them. The statutory instruments examined are: the effect of merger relief on the subsequent disposal of shares and assets, the disclosure of directors' interests in shares and debentures, the share premiums in group reconstructions, and overseas company disclosure exemptions.

United Kingdom, Accounting and auditing, Economic policy, Corporations, Great Britain

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