On The Legal Construction Of China's Limited Partnership Accounting Firm

LLP: Limited liability Partnership. This article introduces the recent development of domestic accounting firms and discusses the legislation on domestic accounting firms' organizational forms. Nowadays, facing the small-size, disordered organization and weak comprehensive competitiveness situation of domestic accounting firms, we put forward the opinion on reforming the business association law of China. After addressing the recent development of Limited Liability Partnership ("LLP") in American States, the United Kingdom, Jersey Island and Canada, we explore the feasibility and advantages to bring in the system of LLP through its origins, natures and features. On the basis of reorganizing the current laws, administrative regulations and policies on accounting firms, we put forward the idea to bring in LLP to perfect the forms of accounting firms and submit the plan on how to apply this new business organization to China's business association law. The author believes it will benefit to resolve the contradiction between the rigid management structure and rigorous liability. Finally, this article express the viewpoint that LLP will successfully contribute to adjust the forms of business structures, promote the development of accounting firms,strengthen the competitiveness of accounting firms in China.