Close LLP start general partnership questions

[thistimenext]

Hello all, long time lurker, first time post...
I have a two member LLP with my business partner and we have decided that it is no longer suitable for us.

so some very general questions:
To 'cease trading' for the LLP do we literally pick a day and stop invoicing from then on?

is it ok to stop trading the LLP one day and start the general partnership the next ?

Do we have to wait three months before applying to companies house for LLP strike off or can we do that the day after ceasing trading?

Many thanks!

 

[Scalloway]

To 'cease trading' for the LLP do we literally pick a day and stop invoicing from then on

It depends what you do. If you are scarrying on work then invoicing when the job is complete the LLP should invoice. If you are selling goods you would need to transfer the stock to the new partnership.

is it ok to stop trading the LLP one day and start the general partnership the next ?

Apart from the above I don't see why not.

Do we have to wait three months before applying to companies house for LLP strike off or can we do that the day after ceasing trading?

You need to close down the LLP properly. Prepare final accounts, transfer assets, close the bank account, transfer the VAT registration etc.

If the bank account is still open when Companies House dissolve the LLP the bank will freeze the account.