Partnership balance sheet

The top part of the balance sheet, showing non-current and current assets and liabilities, is identical with that of a sale proprietorship. However, the sole proprietor's capital account is replaced by details of partners' capital accounts (and current accounts if they are maintained).
Limited liability partnerships
The vast majority of partnerships are referred to as 'general' or {conventional' partnerships, to distinguish them from a relatively new form of business organisation, the limited liability partnership (or LLP). The LLP combines the organisational flexibility of a general partnership with the great advantage of limited liability. The owners of a LLP are referred to as {members' rather than partners, and limited liability gives the members protection in the event of the LLP failing. Creditors of the LLP cannot require the members to use their personal assets to pay the LLP's debts. This is very similar to the advantage enjoyed by the shareholders of a limited liability company. The accounting requirements for an LLP are virtually identical with that of a general partnership, but one major difference between the two types of organisation is that an LLP must publish its financial statements. This is achieved by submitting them annually to Companies House, which is the government's database of information maintained for every LLP or limited company on its register. Members of the public can gain access to this information through its website. Since the Limited Liability Partnership Act was passed in 2000, many professional firms such as chartered surveyors, accountants and solicitors have converted their business organisation from that of a general partnership to a limited liability partnership. There are no taxation advantages or disadvantages that are relevant when making this change.