General partnerships and LLPs are popular types of business structures in certain sectors, not least because of the advantages they offer to their creditors. However, with their advantages also come various drawbacks. There are key distinctions between a general partnership and an LLP which must be considered carefully before deciding which is the most appropriate structure for you.
If you have started, or are looking to establish, a business as a partnership or an LLP, it is important that you enter into an agreement with the other partners to regulate and govern your relationship in respect of the partnership or LLP. Failure to do so can lead to default provisions of the Partnership Act 1890 or the Limited Liability Partnerships Act 2000 applying in ways which may be unintended and potentially undesirable.
Instructing an experienced legal team can remove the worry and leave you free to concentrate on running your business.
How our commercial solicitors can help
Our commercial team has extensive experience in advising on partnership law and LLPs. We are well placed to assist you in drafting, reviewing and improving your partnership documentation, setting out the rights and responsibilities of all partners after thorough consideration of each of your wishes and intentions.
Who we help
Whether you are a start-up or a long-standing partnership or LLP, we can help you. We act for clients in all sectors and all sizes of business.
We have also acted for many clients who, since the passing of the Limited Liability Partnerships Act 2000, have converted from partnerships to LLPs. Where conversion is your preferred course of action, our team can advise on all aspects of the conversion process.
Dispute resolution
We also understand that partnerships, like any business relationship, are not always plain sailing, and in the event of a partnership dispute our team are on hand to offer timely and incisive advice. We have a dedicated dispute resolution team who work very closely with our commercial solicitors.
How we work
Always with our clients’ best commercial interests at heart and with a thorough understanding of the needs of their businesses and each stakeholder. We are thorough, efficient and personable.
We also work closely with members of our corporate team.
General partnerships and LLPs are popular types of business structures in certain sectors, not least because of the advantages they offer to their creditors. However, with their advantages also come various drawbacks. There are key distinctions between a general partnership and an LLP which must be considered carefully before deciding which is the most appropriate structure for you.
If you have started, or are looking to establish, a business as a partnership or an LLP, it is important that you enter into an agreement with the other partners to regulate and govern your relationship in respect of the partnership or LLP. Failure to do so can lead to default provisions of the Partnership Act 1890 or the Limited Liability Partnerships Act 2000 applying in ways which may be unintended and potentially undesirable.
Instructing an experienced legal team can remove the worry and leave you free to concentrate on running your business.
How our commercial solicitors can help
Our commercial team has extensive experience in advising on partnership law and LLPs. We are well placed to assist you in drafting, reviewing and improving your partnership documentation, setting out the rights and responsibilities of all partners after thorough consideration of each of your wishes and intentions.
Who we help
Whether you are a start-up or a long-standing partnership or LLP, we can help you. We act for clients in all sectors and all sizes of business.
We have also acted for many clients who, since the passing of the Limited Liability Partnerships Act 2000, have converted from partnerships to LLPs. Where conversion is your preferred course of action, our team can advise on all aspects of the conversion process.
Dispute resolution
We also understand that partnerships, like any business relationship, are not always plain sailing, and in the event of a partnership dispute our team are on hand to offer timely and incisive advice. We have a dedicated dispute resolution team who work very closely with our commercial solicitors.
How we work
Always with our clients’ best commercial interests at heart and with a thorough understanding of the needs of their businesses and each stakeholder. We are thorough, efficient and personable.
We also work closely with members of our corporate team.
