Rule D5 of the Practice Rules sets out the requirements which must be met before a body corporate can be recognised by the Society as an “incorporated practice” in terms of s 34(1A) of the Solicitors (Scotland) Act 1980. The rules have now been amended in line with proposed amendments sent to members before the AGM in May.
The main purpose of the amendments is to equalise the treatment of incorporated practices, regardless of whether structured as a company or a limited liability partnership, given that, in reality, both types of structure may have only a limited number of individuals qualified to own, manage and control the business and hence both types may need to consider how to manage the same risks. New guidance accompanies the amended rules and can be found on the Society’s website.
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