Limited liability partnerships (LLPs)
This type of Partnership creates a different business vehicle to a Limited Company or a Standard Partnership where the liability of Partners is limitless.
An LLP offers the benefits of Partnership but allows Partners to limit their liability to their interest in the business and the amount of money they have invested in the business.
Our team can guide you through all of the compliance requirements which are necessary to put in place to establish and register an LLP.
As with standard Partnerships there is no obligation in law to have an LLP Agreement, however it is vital to ensure that all parties are clear on:
- How the business is to be run
- What are the individual responsibilities
- What decisions have to be unanimous
- What happens if someone wants to leave the business
- What happens if someone retires or dies
- How profit is to be distributed
- How the decision making process is to be implemented
- How votes are distributed
We understand that all business are different and have different priorities and that is why we will give you the opportunity to meet for a free initial interview to discuss the structure and give you a checklist of the matters you need to address and discuss with your Partners before entering into this type of relationship.