On 4 March 2024, the second set of reforms to UK company law brought about by the Economic Crime and Corporate Transparency Act 2023 ("ECCTA") came into force. These introduce a major expansion of the powers of the Registrar...more
[co-author: Mourice Okon] a) Types of business entities in Kenya - Kenya has 5 main types of business entities that is, sole proprietorships, partnerships, limited liability partnerships, companies, non-governmental...more
Asset managers established as LLPs will welcome the Upper Tribunal’s recent decision to uphold the decision of the First Tier Tax Tribunal (“FTT”) on the application of the salaried member rules in Bluecrest...more
The Upper Tribunal (UT) has upheld the decision of the First‑tier Tribunal (FTT) regarding the application of the UK’s salaried member rules (the Rules) to certain members of BlueCrest Capital Management (UK) LLP (BlueCrest),...more
Welcome to July’s edition of the UK Tax Round Up. This month has seen an interesting decision of the First-tier Tribunal on the salaried member rules as they apply to asset manager LLPs, a surprising decision on the terms...more
We set out below a number of interesting English and European court decisions and market developments which have taken place and their impact on M&A transactions. This review looks at these developments and gives practical...more
On 29 October 2021, the UK government introduced The Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 20211 (the “Draft Regulations”), which would, once in force, amend the Companies Act of 2006...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER MICHIGAN LAW - I. STANDARD FORMS OF AGREEMENTS - A. Offers to Purchase that are accepted by sellers are the typical form of purchase contract for residential properties. The...more
The Part A1 Moratorium is an insolvency process that was introduced by the Corporate Insolvency Governance Act 2020 to help financially distressed companies obtain temporary protection from creditor action, while the company...more
On March 17, the UK Chancellor of the Exchequer, Rishi Sunak, announced an unprecedented £330 billion package, equivalent to 15% of UK gross domestic product, of government-backed and guaranteed loans to support businesses,...more
QUICK TIPS FOR CONVEYANCE OF REAL PROPERTY IN MICHIGAN - I. STANDARD FORMS OF AGREEMENTS - A. Offers to Purchase that are accepted by sellers are the typical form of purchase contract for residential properties. The...more
The RBI Second Amendment removes certain restrictions regarding LLP activities. On 3 March 2017, the Reserve Bank of India notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident...more
Welcome to the Tax Round Up, the first edition of what will be a regular bulletin highlighting the latest tax developments relevant to UK companies and asset managers. We plan to produce this monthly with the next one in...more
The Canada Revenue Agency (CRA) recently announced a change in the treatment of U.S. limited liability limited partnerships and U.S. limited liability partnerships (the “Entity Types”) for Canadian tax purposes. For Canadian...more
The nation’s leading forum for business and shareholder disputes recently confirmed that alternative entities such as limited liability companies (LLCs), limited partnerships (LPs) and master limited partnerships (MLPs) can...more
Earlier this year the Canada Revenue Agency (“CRA”) announced its new administrative position that limited liability partnerships (“LLPs”) and limited liability limited partnerships (“LLLPs”) formed under the laws of Delaware...more
1. With effect from April 6, 2016, all companies incorporated or formed under the UK Companies Acts, other than exempt companies (see paragraph 3), and all limited liability partnerships (LLPs) incorporated under the UK...more
In re Estate of House, 2014 Wash. App. LEXIS 3006 (Wash. Ct. App. 2014) - A release waiving any and all claims that the parties may have or may acquire, bars recovery for unknown claims existing at the time the release...more
This OnPoint reports on a recent important High Court decision ?limiting the remedies available for breach of a UK LLP agreement. Generally, in contract law, if a party to a contract commits a breach which is...more
This case involved allegations of professional negligence in the context of tax planning advice, and saw the application of reasonably familiar principles. Whilst these cases always depend on their facts, the decision may...more
For years the goal of many young doctors was to gain ownership in their medical practice entity. For many, when the time came for them to “make partner,” they signed on the dotted line without fully understanding the legal...more
In re Beltway Law Group, LLP, 514 B.R. 341 (Bankr. D. D.C. 2014) – A managing partner filed an involuntary chapter 7 petition against a professional limited liability partnership. The bankruptcy court denied the...more
The UK Supreme Court ruled in May 2014, in Clyde & Co LLP and another v Bates van Winkelhof, that members of Limited Liability Partnerships (LLPs) are to be treated as “workers” and therefore are covered by the protections...more
Is your business operating in the UK in “Limited Liability Partnership” (“LLP”) form? If so, it may be affected by a tax reform from 6th April 2014, requiring immediate compliance steps....more
Wide ranging changes to the way in which LLP members are taxed are due to take effect on 6 April 2014. LLPs and their members, particularly those in professional service and private equity/fund management firms, should,...more