A limited liability partnership (LLP) was incorporated in 2000 with approximately 100 members and they contributed £10 million which was invested in shares in trading companies.
To date the LLP’s only income has been management fees charged to the companies. The LLP is registered for VAT and income has been approximately £200 000pa with expenses of professional fees and office overheads of £50 000.
In March 2010 the LLP incurred substantial professional fees relating to the following transactions.
The first was the sale of a subsidiary including solicitors’ fees in reviewing and negotiating agreements relating to the sale accountants’ fees in computing and negotiating the value of the company and advising the LLP on the tax implications solicitors’ fees in assisting the LLP in compliance matters relating to filing and meeting matters and solicitors’ fees on members’ meetings and compliance with distributions to...
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