WBW advise business people on all aspects of Partnerships and Limited Liability Partnerships (LLP).
Establishing a partnership can be relatively quick with fewer formalities than other methods of arranging a business. However, a written partnership agreement is vital as without one terms will be implied into the business relationship that the partners may not agree with or be aware of. A written partnership agreement that clearly defines the structure of the business relationship will also enable a business to run more smoothly in the long term through addressing issues such as:-
- Establishing the level of personal investment to be required from each partner;
- Allocating profits and losses between partners;
- The procedure for making decisions at the firm and resolving disputes;
- The procedure for admitting and removing partners; and
- The procedure for dissolving the partnership.
In a traditional partnership all partners jointly bear the liability for debts the business incurs. You may therefore consider setting up an LLP which shares many of the features of a traditional partnership but offers reduced personal responsibility for business debts. We can assist you in deciding whether to form an LLP and guide you through every stage of the LLP registration process and advise you on compliance with the legal obligations imposed upon your LLP.
WBW solicitors can advise on all aspects of Partnerships and Limited Liability Partnerships including:-
- Formation of Partnerships/LLPs
- Drafting Partnership/LLP agreements
- Partnership/LLP conversions
- Partnership/LLP departures and restructuring
- Partnership/LLP disputes
- Acquisition, mergers and disposals of Partnerships/LLPs
- Liquidation and insolvency of Partnerships/LLPs