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Application by an existing Accounting Firm or Corporation to convert to an Accounting LLP

  1. Before applying to the PAOC for approval as an Accounting LLP, they must ensure that the particulars of the LLP recorded in Bizfile reflect the requirements for approval as an Accounting LLP under the Accountants Act i.e. the composition of the partnership meets the Accountants Act requirement – refer to section on "Requirements on Partners" in Requirements for Approval of Accounting LLPs.  

    The LLP Act also requires that the partners of the limited liability partnership to which the firm is to be converted, comprises all the partners of the firm and no one else.  Therefore, please ensure that all partners (in the case of public accounting firm and LLP) and shareholders (in the case of PAC) meet the Accountants Act requirement at the time of conversion as these persons will be the partners of the Accounting LLP.

  2. Applicants can then file an application “Conversion from PAC to ALLP" or "Conversion of PAF to LLP" via Bizfile. 
  3. Inform clients on the transfer of business.

Notification to Clients following conversion by an existing Accounting Firm or Corporation to an Accounting LLP

When a public accountant decides to convert his business structure from a firm or a corporation to an LLP, he must:

  1. notify every client of the existing accounting firm or PAC of the transfer of business and the date of transfer. 
    • By the accounting firm or PAC intending to transfer the business to the Accounting LLP at any time before the date of the transfer or
    • By the Accounting LLP to which the business of the accounting firm or PAC is transferred no later than seven days after the transfer.
    • The notice shall state that, with effect from the date of the transfer:
      • the Accounting LLP replaces the accounting firm or PAC, as the case may be, in the provision of public accountancy services to the client;
      • any document held by the accounting firm or PAC, as the case may be, for or on behalf of the client is transferred to the Accounting LLP to be held for or on behalf of the client and
      • any money or funds held by the accounting firm or PAC, as the case may be, for or on account of the client is transferred to the Accounting LLP to be held for or on account of the client.
    • Other information to be included in the notice:
      • Which entity is being converted and what type of entity it will become;
      • Any change in the name and address;
      • The effective date of the transfer;
      • Who the client should contact if the client has any concerns.
  2. explain to the clients the impact of the conversion.
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