Partnerships & limited liability partnerships
Partnership and LLP legal advice
A general partnership has historically been a common form of business structure, formed by two or more people. A partner has no legal protection and hence, no financial protection, against a partnership’s liabilities if the business fails.
It is now also possible to incorporate a limited liability partnership (LLP), maintaining many of the characteristics of a general partnership but with the protection of limited liability against creditors of the partnership. This benefit is coupled with certain regulatory public filing requirements which are not imposed on a general partnership.
We offer informed, comprehensive advice, guidance and assistance in establishing the kind of partnership that will suit your needs. We also specialise in drawing up partnership agreements, an essential ingredient in smooth running businesses.
Our experience in partnership law
Our corporate and commercial teams are widely experienced in advising in partnership law and limited liability partnerships and all steps required for the formation and running of general partnerships and LLPs. Keeping abreast of regulations and legal developments, we ensure your business adheres to and makes the best of partnership and LLP law and legislation.
We produce, on a cost effective basis, all relevant legal documents including standard or bespoke partnership agreements or LLP Members’ Agreements relating to the incorporation of a general partnership or a LLP. In particular we ensure that each client has thought about their long term aims in order to help them decide on the best possible structure for their business.
Sound legal guidance and assistance ensures that you are able to anticipate and protect your business interests now and in the future, and save the cost and impact of reacting to problems that may arise later.
About general partnerships & LLP's
In a limited liability partnership, members still have the flexibility of a traditional partnership structure, but individual personal liability is reduced, because the LLP is recognised as a separate legal entity and is itself responsible for any business debts which may accumulate. LLPs can be complex to set up and are governed by many of the same regulations as limited companies, so good legal advice is essential to ascertain whether a general partnership, a LLP or some other formal legal vehicle is best suited to your needs.
Once established, many of our clients benefit from a legally binding partnership agreement, which can be drawn up in order to deal with the management of the partnership. It will also protect the financial interests of the partners involved, guarding against potential partnership disputes at a later date which can be very costly and disruptive.
Call us now on 0870 1500 100 to arrange a consultation, or use the links above to drop us a line.