Partnerships and LLP Agreements
If you are in business with others, particularly if you are in business with family, it is essential that you are clear about how the business should be run and what your plans are for the future. Without a partnership agreement the partners are vulnerable – disagreements can lead one partner to unilaterally dissolve the partnership with potentially catastrophic results. Whilst this vulnerability doesn’t exist in a limited liability partnership (LLP), the law frequently fails to deal with, and in some cases runs contrary to, the intentions of the members of an LLP.
At its worst, the partnership or LLP will fail entirely and personal relationships, often with family members, can be left irreparably damaged. A partnership agreement, or in the case of an LLP, a members agreement, will address these issues. Such an agreement will also focus the parties minds on succession and the long term plan for the business.
Sills & Betteridge’s commercial team has a wealth of experience handling all aspects of the law relating to partnerships and LLPs. Our lawyers draw on their extensive understanding of the commercial practices and regulatory requirements applicable to the sectors within which our clients operate. We have particular experience in advising professional partnerships, including doctors, dentists and veterinary surgeons. We have also formed a large number of limited liability partnerships for clients and have acted on the conversion of many general partnerships to LLP status.
Areas where we can help you include:
- farming partnerships
- general trading partnerships
- joint ventures
- professional partnerships
- property investment partnerships
See also Commercial Contracts & Agreements