Sections 381 to 384 [Section 381 was amended by regulation 6(1) of S.I. 2008/393, section 382(3) by regulation 3(1) of S.I. 2008/393, section 383(4) by regulation 3(2) of S.I. 2008/393, and section 384 by regulation 3(2) of S.I. 2007/2932.] apply to LLPs, modified so that they read as follows -

"381. LLPs subject to the small LLPs regime

The small LLPs regime applies to an LLP for a financial year in relation to which the LLP -

(a) qualifies as small (see sections 382 and 383), and

(b) is not excluded from the regime (see section 384).

382. LLPs qualifying as small: general

(1) An LLP qualifies as small in relation to its first financial year if the qualifying conditions are met in that year.

(1A) Subject to subsection (2), an LLP qualifies as small in relation to a subsequent financial year if the qualifying conditions are met in that year.