Scenario
Alan is a senior accountant. He plans to incorporate a Limited Liability Partnership (LLP) with his friend who is a lawyer. Alan was advised that they can provide accounting services and legal services at the same firm as long as they are LLP partners.
Is that true?
Mythbusted.
Two different professionals are not allowed to form partners of a LLP. A LLP formed for the purpose of carrying on professional practise such as Chartered accountants, advocates and solicitors and company secretaries shall consist of natural persons who are practising the same profession only. This is to ensure that integrity and ethical issues are addressed and observed.
So, how much did you know about this Legal Myth? Share with us your thoughts and feedback to us. Ask us a question on AskCA@Thursday or suggest a Myth Buster for us.
Thanks!