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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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In an article for Accountancy Age, Fergus Payne discusses why and how do accountancy firms set up or convert to an LLP, and will LLPs continue to be the preferred set-up in the future?

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Ten Creators, Makers & Innovators lawyers listed in Best Lawyers in the United Kingdom

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Lewis Silkin is pleased to announce that ten partners across the Creators, Makers & Innovators division have been listed in this year’s edition of Best Lawyers 2018 United Kingdom.

Dating apps get even more interesting

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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 duty

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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 LLP

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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.

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