BusinessCompany NewsLLP Diary: devil in the detail

LLP Diary: devil in the detail

There has been much concern about my health in the Tovey household of late. The long-haired sergeant major, otherwise known as my wife, expressed her worries to me the other evening over a tall drink.

‘Go and see your doctor,’ the wife says. ‘What for,’ says I? Well she was concerned that my preoccupation with the LLP conversion was becoming nocturnal.

I am pleased to report that we have made considerable progress. A concerted effort on the members’ agreement – the LLP equivalent to a partnership agreement, has finally brought it to the stage where the partners are definitely/probably/in all likelihood (delete where applicable) poised to agree to it.

This has been a detailed (and on occasions mind-numbing) exercise and getting the finished article in place, complete with what our lawyer charmingly calls a ‘no tinkering’ agreement, ahead of actual conversion is a key issue.

Putting the revised letters of engagement in place is also well advanced and the team are really focused on ensuring that this huge task is completed in the next few weeks. I now fully appreciate the terrier-like qualities of our technical and compliance director Alan Churchard, demonstrated to effect as he doggedly pursues the laggards and nips at their ankles.

I have also now begun the process of chatting one-on-one with an assortment of partners to agree how the new status will affect them going forward.

With the LLP safely incorporated and the ‘OC’ registration number firmly in my possession, from this lofty perch, progress continues serenely along the way to the final key date. Not the transfer but our launch function on 7 July 2005.

The boring bit is when that nuisance of a project manager reminds us all that there are only forty-five working days to go and still far too many project milestones left to arrange. More like millstones if you ask me.

Why on earth would anyone want to discuss corporate brochures, website, email sign off, ink stamps, stationary, putting audit registration in place for day one of the LLP?

Ah, curses, back to the detail.

Mike Tovey is managing partner or Chantrey Vellacott DFK

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