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The Buzzacott Partnership converts to LLP

With effect from 1st October 2007, The Buzzacott partnership will convert to a limited liability partnership ("LLP") called Buzzacott LLP, the new LLP will retain the trading name "Buzzacott". (This will not affect any business currently undertaken by Buzzacott Livingstone Ltd., Buzzacott Financial Services Ltd., Buzzacott Computer Services Ltd. Or Fiscal Solutions Ltd.)

Like many professional firms we consider that an LLP is a more appropriate vehicle for a modern and progressive practice. The ownership of our business will not change as a result and your existing team at Buzzacott will continue to deal with your affairs. We remain committed to providing you with the best possible service. In case you have any queries, we have prepared a set of Questions and Answers which can be found below.

What is an LLP or limited liability partnership?	A corporate body with a registered office (in our case our current address) which is required to file audited accounts and an annual return at Companies House. It is owned by its �members� rather than equity partners, as would be the case in a traditional partnership.
How is it different to your current Partnership?	An LLP has a legal personality with rights and liabilities distinct from those of its members. It has limited liability in the sense that its members are not personally liable for the LLP�s debts beyond their financial interests in the LLP, although the LLP is liable for the acts of its members and employees.
When will the Buzzacott partnership convert to LLP?	With effect from 1st October 2007.
As a client of Buzzacott what difference will this make to me or my business?	None at all, your affairs will be looked after by exactly the same team as before and our relationship will continue without interruption. There will be no additional charges as a result of the conversion.
Will you still have partners?	Legally, LLPs have members, not partners. In common with other professional service organisations who are LLPs we will continue to refer to �partners�, rather than �members�, as a means of identifying those who are members of the LLP or who are employees with equivalent seniority and professional qualifications within the business. A list of the members of Buzzacott LLP and of non-members who are referred to as �partners� is available at our registered office, on our website and letterhead.
How is Buzzacott LLP regulated?	In the same way as the previous partnership by the Institute of Chartered Accountants in England and Wales.
How does this affect your professional indemnity (PI) insurance?	In short, not at all. Although members of an LLP do not have personal liability to clients, the level and nature of our PI cover will not be affected by our conversion to LLP
As a client do I need to do anything?	Inevitably there will be some paperwork to complete. We will issue you with new Engagement letters at an appropriate time and we are taking the opportunity to update our Terms and conditions of business.


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