Partnerships
These days there are two sorts of partnership for you to consider; the traditional unlimited partnership and the limited liability partnership (or LLP). We can help you to decide which is best for you and how it should be structured.
A traditional partnership is a relatively simple and flexible way for two or more people to own and run a profit-making business together. Unlike the shareholders in a limited company, the members of a general partnership have no financial protection if the business runs into trouble - each partner is responsible for the debts of the partnership as a whole. This means that each partner's personal assets may be at risk if the business fails.
The attraction of an LLP is that it combines the limited liability of a company with the added flexibility of a partnership. Having said that, it is not suitable for everyone as it involves, for example, the public filing of accounts.
We carry out a wide variety of legal work for partnerships ranging from the preparation of partnership agreements (or members' agreements for LLPs), advising professional partners and dealing with retirements and disputes.
We can help with:
- Partner or member agreements
- Setting up and registering an LLP
- Changing a partnership
- Disputes between partners
- Dissolving a partnership
- Advice to partners
- Incorporation of partnerships
- Use of partnerships for investment, tax or other structuring purposes
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