We appreciate, especially as we are a limited liability partnership (LLP) ourselves, that both traditional partnerships and LLPs are attractive structures for a variety of business models, in terms of flexibility and tax planning. However, to ensure that it works well, there needs to be a clear understanding between all the partners about their respective rights and responsibilities. Also, as with any relationship, things can change with time and even break down. You will need to consider how to deal with the exit, retirement and expulsion issues that may arise. Getting the partnership or LLP agreement right in the first instance is imperative and we can work with you to ensure that key pitfalls are explained and that your relationship is clearly documented.
Partnership and LLP agreements
- Setting up and drafting partnership and LLP agreements
- Assisting and guiding partners through disputes, exits and deaths