A LLP, unlike a traditional partnership, is a body corporate with a legal personality separate from that of its members. The LLP itself is responsible for any debts that it runs up, not the individual members, with members’ liability being limited to the capital they have contributed or committed.
Our team regularly advises clients on matters relating to LLPs. This could be in relation to converting their existing partnership to a LLP, or setting up a brand new LLP, either as a trading business or as a joint venture for specific business purposes. We can even advise on converting a limited company to a LLP.
Just like partners in a partnership, the members of a LLP are advised to enter in to a members’ or LLP agreement to govern the day to day management, policy and exit strategy for the LLP, otherwise the members will be subject to the standard provisions of the LLP Act 2000 which are unlikely to match the requirements of each business. Our specialists can advise on such agreements, customising them to your particular business as appropriate. Avoid unnecessary litigation expenses by getting an appropriate agreement in place early in the life of your business and while you are in agreement!
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If you would like to discuss the services we can provide, please get in touch.
