Dormant LLPs1169

1

For the purposes of this Act an LLP is “dormant” during any period in which it has no significant accounting transaction.

2

A “significant accounting transaction” means a transaction that is required by section 386 to be entered in the LLP's accounting records.

3

In determining whether or when an LLP is dormant, there shall be disregarded any transaction consisting of the payment of—

a

a fee to the registrar on a change of the LLP's name,

b

a penalty under section 453 (penalty for failure to file accounts), or

c

a fee to the registrar for the registration of an annual return.