LONGMORES CONVERTS TO A LIMITED LIABILITY PARTNERSHIP
Changes made on 1 January 2014
In common with many other professional services firms, with effect from 1 January 2014 (the “Conversion Date”), Longmores (the “Partnership”) converted from a general partnership constituted under English law to Longmores Solicitors LLP (the “LLP”), a limited liability partnership also constituted under English law. As a result, on the Conversion Date, the business, assets and liabilities of the Partnership transferred to the LLP. In particular, the conversion involved an assignment to the LLP by the Partnership of all the Partnership’s existing contracts (including client engagements). All related client money, documents, records, confidential or privileged information and intellectual property was also transferred to the LLP. The Partnership ceased trading at the close of business on 31 December 2013 and, with effect from the Conversion Date, the LLP became responsible to clients for all new and current work in place of the Partnership and its (former) partners. In addition, the Partnership assigned its rights to any fees outstanding at the Conversion Date (whether invoiced or not) from its client engagements to the LLP.
Reasons for the conversion
The principal reason for the conversion is to enable us to trade with limited liability – we consider it appropriate that the firm’s assets only are at risk rather than the personal assets of the LLP’s members (formerly the Partnership’s partners).
Impact of the conversion
Converting to limited liability partnership status will not affect the delivery or quality of the services which we provide, nor will it have any material impact upon the manner in which we operate or work with you. The conversion simply means that clients will now be advised by a firm which has adopted a modern corporate structure. Clients’ contacts will remain the same and, although the LLP’s members will have limited liability, in practice they will continue to be referred to as ‘partners’. We will also continue to use the name ‘Longmores’ as the trading name of the LLP.
Previously generated/published items
A great number of items were generated and/or published (whether in hard copy or electronic form) by or on behalf of the Partnership prior to the Conversion Date. Please note that nothing contained in any of those items is to be taken as indicating that the LLP is a general partnership.
Terms and Conditions of Business for the LLP
The Terms and Conditions of Business for the LLP set out in further detail the relationship between clients and the LLP. These Terms and Conditions of Business apply to all work which the LLP is instructed to carry out on and after the Conversion Date on any matters on which new instructions are accepted on or after that date. A copy of the Terms and Conditions of Business is available on request.
Any questions or concerns?
If you have any further questions or concerns in connection with the conversion, please speak to your usual Longmores contact.