From 01 April 2018, Grigor & Young is a limited liability partnership.
It means that the formal title for the business is Grigor & Young LLP, though our trading name will still be Grigor & Young.
As another element of this change, on the down side, Nicola Howard is not continuing as a member (‘partners’ become ‘members’ in an LLP). We are very sorry to see Nicola leave us and wish her all the best for the future.
On the up side of things, though, we are delighted that Greg Robertson moves from being an associate to being a member of the LLP.
In the hope that it will be useful to you, if you have any questions about this change, here are some answers to the questions we think will come up most frequently.
Should you have a question that is not answered here, feel free to contact us directly – either via this website or by phone or email.
What is a Limited Liability Partnership?
A Limited Liability Partnership is a registered legal entity. The legal entity is separate from its members and accordingly the personal liability of the members is limited to their capital contribution to the LLP.
Where is a LLP registered?
The LLP is registered at Companies House. The registration number is SO306314.
Many of the provisions relating to companies to safeguard those dealing with them also apply to LLPs. This includes public disclosure at Companies House of:
- the members of the LLP,
- persons who exercise significant control in relation to the LLP, and
- securities affecting the LLP.
Why do solicitors become an LLP?
The Government recognised that professional businesses (such as accountants and solicitors) operating under partnership laws was increasingly out of date in the modern world. Many professional businesses are still operating under the Partnership Act 1890. The introduction of Limited Liability Partnerships followed a Department of Trade and Industry feasibility investigation.
Grigor & Young have operated successfully as a partnership for many years. We took the opportunity of making this change to coincide with changes which were already happening, including a planned retirement and the introduction of a new partner.
How will this affect me?
The whole business and all of the commitments of Grigor & Young is being transferred to Grigor & Young LLP so the change will not in any way affect the work that we are carrying out for you. For you, it is business as usual, but with a slightly different name.
Do I have the same protection?
The conversion required the consent of the Law Society of Scotland. There are no changes to our obligation to have Professional Indemnity Insurance and contribute to the Guarantee Fund. So, yes, you have the same back-up protection as before.