On 1 May 2011, Withy King will convert its business into a limited liability partnership (LLP). In addition ‘Complete’ the trading name for part of Withy King’s residential property work will be retired.
The existing Withy King partnership will remain responsible for work that we have done for you before 1 May 2011. From 1 May 2011, Withy King LLP will assume responsibility for all work done and we will transfer to the LLP all client money, documents or data that we hold. Withy King will assign its rights to any fees from its engagements to Withy King LLP and all future contracts and commitments will be deemed to be made by and on behalf of Withy King LLP.
By continuing to deal with Withy King LLP from 1 May 2011, you will be deemed to have agreed to the actions set out above and below and to Withy King LLP continuing to provide or receive services on the basis of the terms of business previously agreed.
What is an LLP?
In the United Kingdom, LLPs are governed by the Limited Liability Partnerships Act 2000. A UK Limited Liability Partnership is a corporate body which has members rather than partners or shareholders. Unlike a partnership, it is the LLP itself which is liable for any debts of the business and not the individual partners. Law firms with LLP status publish their annual financial results.
Why are we converting to an LLP?
The main reason for the change is to enable Withy King LLP to trade with limited liability. Following conversion, members, employees and consultants of the LLP will have no personal liability for work performed by or on behalf of the LLP. It is also important to us that we continue to operate as a modern and efficient organisation attracting and retaining the best talent. Conversion will help with this objective.
Will we still have partners?
LLPs have members, not partners. However, in line with our competitors, for day-to-day business we will continue to use the word "partner".
Will there be any changes in the way that we conduct business?
No. Conversion will not affect the delivery or quality of the service that we provide to our clients, nor will it affect the internal structure of the firm or the way in which we conduct business. The only practical difference will be that members, consultants and employees of the LLP will have no personal liability for work performed on behalf of the LLP
The same level of professional indemnity cover, as was available to the partnership, remains available to the LLP.
Who do I contact if I have any concerns?
If you have any questions or concerns, please speak to your usual Withy King contact or for general LLP enquiries please contact Graham Street at graham.street@withyking.co.uk or telephone on 01225 352831.
