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438. LLPs qualifying as medium-sized: general

Past version: effective from 21/10/2015 - 20/10/2015
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(1) An LLP qualifies as medium-sized in relation to its first financial year if the qualifying conditions are met in that year,
(2) An LLP qualifies as medium-sized in relation to a subsequent financial year —
(a) if the qualifying conditions are met in that year and the preceding financial year,
(b) if the qualifying conditions are met in that year and the LLP qualified as medium-sized in relation to the preceding financial year,
(c) if the qualifying conditions were met in the preceding financial year and the LLP qualified as medium-sized in relation to that year.
(3) The qualifying conditions are met by an LLP in a year in which it satisfies both of the following requirements —
1. Turnover Not more than 68 million US dollars
2. Number of employees Not more than 75
(4) For a period that is an LLP's financial year but not in fact a year the maximum figures for turnover must be proportionately adjusted.
(5) The number of employees means the average number of persons employed by the LLP in the year, determined as follows —
(a) find for each month in the financial year the number of persons employed under contracts of service by the company in that month (whether throughout the month or not),
(b) add together the monthly totals, and
(c) divide by the number of months in the financial year.
(6) This section is subject to section 439 (LLPs qualifying as medium-sized: parent LLPs).