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House of Commons

Session 1998-99 Publications on the internet Trade and Industry Committee Publications

Trade and Industry - Fourth Report Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 10 February 1999. CONTENTS Terms of Reference LIST OF WITNESSES LIST OF MEMORANDA INCLUDED IN THE MINUTES OF EVIDENCE REPORT I INTRODUCTION Pre-legislative scrutiny Inquiry Lessons II ORIGINS AND SUBSTANCE OF THE PROPOSAL DTIs presentation 19th Century Recent reviews Proposals in outline Liabilities of partners Effects of potential liabilities Inaction or delay Avoidance of error Likierman Report Joint and several liability Law Commission Report Incorporation Capping liability LLPs in other jurisdictions Will it be used? Will it work? Proposal: conclusion III ELIGIBILITY 1997 Proposal 1998 Paper Responses Difficulties Professional indemnity insurance Conclusion Regulation IV FUNDING 1997 Proposal 1998 Paper Capital maintenance Creditor protection Voluntary minimum funding V INSOLVENCY Clawback in 1997 Adjustment of withdrawals in 1998 VI DISCLOSURE AND ACCOUNTS Introduction General Partnership agreement Reports to registrar Residential address Naming Highest-paid members Accounting conventions Small firm exemptions Omissions VIII OTHER MATTERS Taxation neutrality Overseas LLPs Designated members Disqualification Employees Europe IX FORM OF LEGISLATION SUMMARY OF CONCLUSIONS AND RECOMMENDATIONS ANNEX: SOME POINTS OF SUBSTANCE RAISED IN RESPONSES AND NOT COVERED IN REPORT MINUTES OF PROCEEDINGS MINUTES OF EVIDENCE Tuesday 1 December 1998 (Morning Session) Tuesday 1 December 1998 (Afternoon Session)

© Parliamentary copyright 1999	Prepared 16 February 1999

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