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Stephensons' commercial solicitors can advise on all aspects of partnerships and limited liability partnerships including formation, conversion, disputes and termination and drafting of the necessary agreements. In recent years a number of organisations have been converting or setting up as limited liability partnership (LLPs).
An LLP shares many of the features of a normal partnership but it also offers reduced personal responsibility for business debts. Unlike partners of ordinary partnerships, the LLP itself primarily is responsible for any liabilities that it runs up as it is a separate legal entity (and not the individual partners). There are certain default provisions of the Limited Liability Partnership Act 2000 that will apply to the LLP if you do not have an agreement in place. If you do not wish to rely on these then it is vital for you to have an agreement to govern the relationship between the members (a Members Agreement).
In some instances, it may have been a few years since you had a partnership agreement drawn up and legislation may have moved on. We can review your agreement and update it where required and advise you (in conjunction with your accountant) and the best legal structure for your business.
A definitive partnership or limited liability partnership agreement is vital to the smooth running of any business. It also facilitates business continuity in times of dispute.
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