Financial Director – 01 July 2014
By Kevin Reed
Buzzacott helps to form the Professional Practices Alliance, which will provide support to firms in LLP structures
A NEW GROUP of accounting and legal advisers has been formed to provide support to professional services firms sat within LLP structures.
The Professional Practices Alliance sees Top 30 firm Buzzacott joined by specialist law firms Maurice Turnor Gardner, CM Murray, and Hierons to help provide consultancy to business formed within LLP structures.
While the LLP structure has proved popular for providing liability protection to members, it has recently faced some threats, including changes to the tax treatment of members and stricter employment rights governance.
“Professional services firms often feel that their specialist advisers are working in silos, without a full awareness of the wider tax, accounting, legal or financing implications of the advice being given to the firm,” said Clare Murray (pictured), of CM Murray.
“The Professional Practices Alliance provides professional services firms with access to joined up, collaborative advice on partnership law, tax, accounting, structuring, financing and regulation, from specialists who are each market leaders in their own field.”
Buzzacott partner, and professional services head, Cliff Cooper said: “We feel the flexibility of LLPs can’t easily be matched by other structures or incorporation, particularly for larger firms but it would be helpful if legislature could provide a bit more stability for LLP structures, particularly when it comes to tax rates.”