FAQ - Sobell Rhodes LLP

With effect from 1 June 2010, Sobell Rhodes has become a limited liability partnership (a "LLP"). We want to give you some further information about the change and to inform you of our new Standard Terms of Business which applies to all work we carry out for you on or after 1 June 2010.

What is a LLP?

A LLP is a corporate body which has members rather than partners and provides limited liability for its members. In the UK, LLPs are governed by the Limited Liability Partnerships Act 2000. A LLP is subject to similar accounting and filing requirements as a limited company and therefore accountancy firms with LLP status are required to publish their annual financial results.

Why are we converting?

We believe that a LLP vehicle is a more modern and transparent business structure than a traditional partnership. This is why the LLP structure is now also being adopted by most major UK accountancy firms.

The main reason for the change is to enable us to trade with limited liability. We consider it is appropriate that it is only the firm's assets that are at risk rather than the personal assets of our partners (soon to be members).

Does the change make a difference to you?

With effect from 1 June 2010, your contract is with Sobell Rhodes LLP rather than Sobell Rhodes.  We have transferrred to the LLP any money, documents or data that we hold for you.  Sobell Rhodes LLP will  control and be responsible for operating and running our practice.

How will the change affect our clients?

The conversion simply means that our clients are being advised by a firm which has adopted a modern and transparent corporate structure. This change will have no effect on the service you receive from us. We remain committed to you and Sobell Rhodes LLP will continue to provide you with a quality service. Your contacts at Sobell Rhodes have remained the same and we will ensure that none of these arrangements affect your day to day dealings with us.

Please note that Sobell Rhodes will remain responsible for the work that we have done for you before 1 June 2010. The LLP will be responsible for all work done by the LLP after that date, including work commenced before 1 June 2010 but not completed until after 1 June 2010.

Does the conversion have an effect on the Current Partnership's professional indemnity insurance?

No. The same level of professional indemnity insurance, as is available to the partnership now, will remain in force for the LLP.