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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.

Lewis Silkin Partnerships & LLPs

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.

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Limited partnerships

Limited partnerships: litigation following dissolution and winding up

30 November 2023

A decision has been taken to wind up a limited partnership - that heralds the end for all concerned… or does it? Can a cause of action which accrued pre-dissolution be litigated by the general partner post-dissolution following the apparent winding up of the limited partnership? The High Court (at least on an interim basis) has said, yes.

Chambers UK rankings 2022

Lewis Silkin recognised with top rankings in Chambers UK 2022 for Employment, Media and Entertainment: Advertising and Marketing, and Intellectual Property: Law Firms with Patent and Trade Mark Attorneys

21 October 2021

Lewis Silkin’s performance in the sector continues to improve following a strong performance in Legal 500, earning 69 individual and practice rankings – of which 6 are top tier practice rankings and 5 are new entries or improvements.

Business

Innocent partners may not be liable for losses caused by the fraudulent conduct of rogue partners

28 July 2021

In July 2021 the Court of Appeal held that innocent partners in a firm of solicitors are not always liable to former clients of the firm for losses caused by the acts of a fraudulent partner[i].

Business

Any member of an LLP may be subject to a Disqualification Order – not just those on the Management Committee

06 April 2021

Pursuant to the Company Directors Disqualification Act 1986 (CDDA) the court may, in certain circumstances, make a ‘Disqualification Order’ preventing an individual from being a company director for a period of up to 15 years.

Apprentice Desk Laptops

A Deed of Retirement doesn’t always protect a retiring partner

09 June 2020

It’s not unreasonable to think that if a partner retires from a limited liability partnership (“LLP”) under the terms of a Deed of Retirement which contains a waiver and release clause, that partner will not be subjected to claims for any liabilities to the LLP.

Covid 19 - EMI options

Deferring tax to January 2021 – a word of warning to management teams and partners

05 May 2020

In seeking to survive the coronavirus lockdown, partners and management teams at many professional services firms will have welcomed the package of support provided by the UK Government, including the proposal that on account tax payments due by 31 July 2020 may be deferred until 31 January 2021.

Financial Services

VAT and income tax deferrals to assist VAT-paying businesses and the self-employed during Covid-19 Outbreak

27 March 2020

As part of the sweeping financial package announced by the Government on 20 March 2020, the Government is offering VAT and income tax deferrals to assist with the cash-flow of VAT-paying businesses and the self-employed. These deferrals are expected to provide over £30bn of additional cash-flow to a wide variety of British businesses.

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