LLP and Fund Managers: Update

I've been getting a lot of queries on my post on LLPs over the last couple of months.. here's the latest update..

Starting a LLP structure is not possible right now since the act, though passed, hasnt been notified as yet. Once the new govt comes in and the budget is passed (which deals with the tax treatment), we can expect clarity. If you want to have a fund based on this structure, it should be possible by Sept 2008...should be exciting since one can do all sorts of stuff that the current regulatory environment is not clear about..