For many businesses, being a Partnership or an LLP gives them the flexibility they need for rapid growth while retaining the ethos of a family business.
A traditional Partnership exists when persons carry on a business in common with a view to profit. It is a highly flexible trading vehicle that has stood the test of time, with minimal formalities and filing requirements. However, the law is still governed by the Partnership Act 1890, clearly long overdue for revision, and putting a Partnership Agreement in place is highly recommended.
Limited Liability Partnerships create a separate legal personality, the LLP, which can hold assets and grant charges. This involves incorporation and filing at Companies House. The benefit of LLP status is that it combines favourable partnership tax treatment with the protection of limited liability.
Our highly experienced lawyers are well versed in and can advise you in all aspects of partnership law, including:-
- Choice of business structure
- Setting up a partnership or LLP
- Drafting a Partnership or LLP Agreement
- Advising on retirement, expulsion and dissolution
- Preparing an LLP agreement for a 3-partner commercial property-services business.
- Advising on the dissolution of an accountancy partnership.
- Drafting an agreement to formalise an existing farming partnership.