Partnerships & LLPs
Among all the different ways to structure a business, LLPs and partnerships face a particularly unique range of issues that require a very distinct approach.
Structuring a traditional partnership or LLP needs careful planning and water-tight agreements to ensure that members’ rights and duties are clear, as well as understanding of the tax implications and fiduciary responsibilities which are different to those of employees. However, like all businesses, issues such as protecting a firm’s interests when key individuals retire or a team defects, dealing with disputes or grievances, and best managing mergers or joint ventures may all need to be addressed.
Our highly regarded practice advises on all aspects affecting LLPs, partnerships and the individuals who work within them. As well as our well-deserved reputation as the “lawyer’s lawyers”, we are also trusted legal advisers for many leading firms of accountants, surveyors, architects and management consultants, as well as clients utilising a partnership structure in industries such as financial services, marketing communications and healthcare.
Dating apps get even more interesting17 February 2017
A Scottish court has recently refused to find that a legal partnership existed between two former friends and Mr Elliott in relation to a business arrangement to develop and exploit a couple of online dating apps. The court held that, without a contract, there was no partnership and Mr Elliott was not obliged to share the profits from the venture with the friends.
Partners profit share can be forfeited for breach of duty30 November 2016
The High Court has recently ruled that a partner or LLP member, who commits a breach of fiduciary duty, may forfeit any part of his profit share which constitutes remuneration.
Limited Liability Partnerships22 November 2016
Originally conceived as a vehicle for use by professional practices to obtain the benefit of limited liability while retaining the tax advantages of a partnership, LLPs have a far wider use as is evidenced by their increasing popularity as an alternative business vehicle in a wide range of sectors
Converting to an LLP18 November 2016
Originally conceived as a vehicle for use by professional practices to obtain the benefit of limited liability while retaining the tax advantages of a traditional partnership, limited liability partnerships (LLPs) have a far wider use as is evidenced by their increasing popularity as an alternative business vehicle in a wide range of sectors.
Does your LLP Agreement need a healthcheck11 November 2016
Your LLP agreement may have been drafted several years ago and now be gathering dust in a drawer. Since it was executed many things may have changed.
Share buy backs - what’s the fuss?16 June 2016
When a company is planning a share buy back (or purchase of its own shares) it’s time to be careful. This note explains why you need to be careful, and summarises the company law issues that must be addressed in advance before the company enters into any commitments.
A year of flops and firsts24 December 2015
2015 has been a year flops and firsts for the UK legal profession, writes Fergus Payne for The Times.
'Slow evolution': Government plans further shakeup of legal regulation to encourage alternative providers03 December 2015
Fergus Payne has been quoted in a Legal Business article on the government's consultation in spring 2016, part of which will be on making legal services regulators independent from their representative bodies.