Brandy, Font and Co. is keen to ensure that it minimises its exposure to liability due to negligence.

Dennis Brandy, the senior partner, is aware that some audit firms are setting themselves up as limited liability partnerships and is considering whether this structure will be appropriate for his firm. Dennis has asked you to prepare a report that outlines what the firm should be doing to minimise its liabilities and identifies the advantages and disadvantages of the firm setting up as a Limited Liability Partnership.

Required

Draft the report requested by Dennis Brandy.