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Media Releases
2006

06 November
2006

LLP FAQs

From 6 November 2006, Shepherd and Wedderburn will begin trading as a Limited Liability Partnership ("LLP").

What is an LLP?

An LLP is a combination of traditional partnership and a limited company.  In traditional partnership, partners have unlimited liability, whereas conversion to LLP offers the benefits of limited liability.  Under an LLP, the firm is still able to retain its traditional partnership structure.

Who will be a partner?

Partners of the LLP will be the existing partners in Shepherd and Wedderburn’s offices in Edinburgh, Glasgow, London and Aberdeen.

Why is Shepherd and Wedderburn converting?

There are a number of reasons for conversion.  Firstly, changes in the law allow the firm to operate the existing Shepherd and Wedderburn partnerships in England and Scotland as one business unit.  As an increasingly national firm, dissolution of these partnerships and creation of one entity operating throughout the United Kingdom makes sense, both for our business and for our clients, which increasingly have cross-border requirements and require seamless delivery.

Secondly, most partnerships are now converting to limited liability status, and reaping the benefits to partners.  Conversion is necessary to continue to attract the best partners to our business.

What will be the new name of the firm?

Shepherd and Wedderburn LLP.

As a client of Shepherd and Wedderburn, how will LLP conversion affect the service provided to me by the firm?

The terms of engagement under which Shepherd and Wedderburn LLP will provide services to you are the same as those applying prior to conversion.  There are however, a few notable points:

  • Shepherd and Wedderburn LLP is a limited liability partnership registered in Scotland with registered number SO300895, having its registered office at Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2ET.
  • All rights and obligations, including any contractual obligations which Shepherd and Wedderburn or any of its individual partners or staff has with you, will be transferred to and assumed by Shepherd and Wedderburn LLP with effect from 6 November 2006.
  • In your terms of engagement any reference to Shepherd and Wedderburn will be deemed to be a reference to Shepherd and Wedderburn LLP, and any reference to partner or partners in Shepherd and Wedderburn will be deemed a reference to a partner or partners in Shepherd and Wedderburn LLP.

As a supplier to Shepherd and Wedderburn, how will LLP conversion affect the relationship I have with the firm?

All rights and obligations, including any contractual obligations which Shepherd and Wedderburn or any of its individual partners or staff has with you, will be transferred to and assumed by Shepherd and Wedderburn LLP with effect from 6 November 2006 and, as above, any reference to Shepherd and Wedderburn will be deemed a reference to Shepherd and Wedderburn LLP.

What are the implications for finance departments?

Any cheques or invoices which are paid to or are payable by Shepherd and Wedderburn should instead be in the name of Shepherd and Wedderburn LLP.

What new requirements does Shepherd and Wedderburn LLP have for example, in terms of disclosing financial information?

Conversion to LLP will mean that Shepherd and Wedderburn is required to file with Companies House:

  • an Annual Report and Accounts;
  • any changes to the LLP’s membership;
  • any changes to member’s names and residential addresses; and
  • any changes to the Registered Office address.


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