Partnership and Limited Liability Partnership (LLP) Agreements
Any business setting up or operating as a Partnership or Limited Liability Partnership (LLP) needs to ensure their governing documents and business structures are fit for purpose. In the absence of a formal Partnership Agreement, UK law will deem certain terms to apply to the relationship whether or not the partners are aware of these or have agreed to them.
In recent years, the LLP structure has become increasingly popular as it offers many of the features of a conventional partnership combined with the reduced personal responsibility for (e.g.) business debts and other liabilities that come with a limited company structure.
Where our clients need further specialist advice we can recommend, and collaborate closely with, other advisers such as accountants or tax specialists. This ensures that our clients’ agreements are set up from the outset to be both legally effective and tax efficient.
We provide clear and thoughtful drafting to minimise the chance of subsequent partnership disputes and ensure that your partnership agreement is properly recorded. Our highly experienced, specialist solicitors offer expert advice on:
- Partners’ duties and responsibilities
- Partnership agreements
- Partner disputes
- Dissolution of partnerships
- Partnership formation.
Examples of our work
We helped our client, a local partnership of chartered accountants, to acquire a specialist firm which offered VAT advice. The transaction involved the drafting of the partnership acquisition agreement, which incorporated earn-out consideration provisions for principals in the acquired tax business.
We helped our client, an information security business, to review and update its LLP agreement following the sale of one of its business unit. We helped to prepare the usual business transfer documentation and to redraft the existing LLP agreement to ensure it remained fit-for-purpose.