Many businesses are set up as a limited company however, there are also many other businesses which are structured as partnerships.
A fairly recent development is the limited liability partnership (LLP). This allows partners to have limited liability like a limited company, but preserves much of the internal arrangements and tax treatment of a partnership.
Whether you are just setting up as a partnership or you have been part of a partnership for years and are looking to become an LLP, one thing is certain: you would be best advised to have an up to date partnership agreement to provide for all the arrangements between you and your fellow partners.
Partnership Agreements should be reviewed every few years as the size and scope of the partnership business changes. That is easy to understand in the context of a dispute. But it is also important to help sort out retirement or other arrangements when you or another partner wants to leave the partnership.
If you are thinking of setting up an LLP or converting your current partnerships into one, this need not be overly complicated. Our team of corporate lawyers will be only too pleased to guide clients through that process.