Partnerships and LLPs
Many businesses are established as partnerships or LLPs rather than as limited companies. This can be for a variety of reasons including:
- Professional standards
- Succession planning.
Partnership and LLP Solicitors
When you are at the start of your business journey we can advise on different forms of business structure and can help you establish the best type of structure to suit you and your business needs as your business grows.
It is important to put in place a written agreement between the partners or members of the LLP to record from the outset how the relationship between the parties will work including how decisions are made, levels of authority, rights and obligations, how a member or partner can leave the business and what happens to their share of the business when they do leave. Failure to put in place a written relationship will lead to the default provisions of the Partnership Act 1890 or the Limited Liability Partnership Regulations 2001 applying to the relationship. This may well lead to unforeseen consequences which are not tailored to suit the needs of the partners or members and may lead to unwelcome results. We will advise you in relation to your partnership or members agreement and draft this to suit the needs of the business and all participants.
As the business progresses changes in personnel are inevitable and we can work with you in relation to the appointment of new partners or members, retirements and expulsions and the resolution of disputes.
When the time is right our team can advise on the conversion of your partnership to an LLP or the incorporation of the business as a limited company to ensure that the business has the best structure in place as the foundation for its future growth.
Talk to Tollers
Contact our specialist commercial solicitors for all aspects of Commercial Contract Law. Talk to Tollers… a list of our offices and contact details can be found here.