Partnerships and Limited Liability Partnerships Lawyers in St Helens
Hattons for Business are here to provide you with advice and assistance on all aspects of partnerships and limited liability partnerships (LLPs). Whether you are just starting up, want to update or review an existing agreement, or want to convert to a LLP, we are here to help.
A properly drafted partnership agreement is important as it ensures that your joint venture starts off on a clear footing. For example:
- What happens when a partner wants to leave?
- What happens if a partner wants to sell?
- What happens if you want to expel a partner?
- What about restricting future competition or poaching staff by an ex-partner?
- What happens if a partner becomes incapacitated or dies?
- What happens to assets, liabilities, loans?
- What is the level of control and what happens with key decisions?
- What about drawings and borrowings?
All of the above, and more, are important considerations and should be agreed between the partners. Not only does a partnership agreement make clear what is expected and how the partnership will operate, it reduces the opportunity for conflict further down the line and can allow a partnership to continue to succeed even when a partner has left the business.
We can advise upon, and draft a partnership agreement, for you. This could be at the start of the business or at any point after it is up and running. We can help at the start of your business or at any time during. We can also review existing partnership agreements to advise on their continued suitability, whether generally or when changes need to be made to the running of the business.
Limited Liability Partnership (LLP)
Since 2001, a Limited Liability Partnership (LLP) has allowed an alternative structure that is similar in many ways to a traditional partnership, but with the risk of personal financial liability reduced.
An LLP offers similar protection to that offered to the owners of a limited company. The LLP needs to be incorporated at Companies House and there are specific filing requirements.
Either an individual or a company can become a ‘member’
If you would like to find out more about Partnerships & LLPs call our expert legal team on 01744 744400, fill out our contact form below or contact our key person: