Before being admitted as members of Lloyd's, the form of the partnership agreement has to be approved by Lloyd's. In particular, the partnerships are required to adopt 31 December as their accounting date, and other than when the partnership is first set up, partners may only join on 1 January and leave on 31 December. This ensures that the rules about commencements and cessations and so forth are relatively straightforward, permitting the disapplication of most of the cessation provisions in the FA93 and FA94 rules and those in regulations 9 – 17 SI1995/351.

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