In brief: Bill set to end partnership profits secrecy

KPMG has predicted that the Department of Trade and Industry's draft Bill on limited liability partnerships (LLPs) published last week “may signal the end to secrecy for partnership profits”. KPMG partner Sue Chisman said demand for LLPs would build up “among clients, recruits and suppliers”. Once the momentum started, she said there would be considerable pressure on firms to register as LLPs and thus commit to the publication of audited results.