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Partnership Agreements & LLP Agreements

Partnership Agreements from as little as £395 +VAT

The formalities for starting and running a business partnership can be surprisingly simple and straightforward. Unlike a limited company, there are no fees or paperwork required to set up the partnership and no requirement to file annual accounts on a public register. It is therefore all too easy to overlook the importance of entering into a professionally prepared partnership agreement.

In the absence of a partnership agreement stating to the contrary, the default position is that:

  • all partners will have the right to participate in the management of the partnership;
  • all profits will be shared equally;
  • ordinary partnership business decisions will be decided by a majority of the partners;
  • fundamental decisions affecting the partnership will require unanimity;
  • if one partner leaves or dies, the partnership will automatically be dissolved.

If partners have invested different amounts of capital into the business it is often more appropriate for voting and profit sharing to be weighted in favour of those who have invested the most in the business. Equally, where there are more than two partners it would undoubtedly be preferable for the partnership to continue if one of the partners left the partnership or died.  In addition to dealing with these aspects of the partnership, a partnership agreement can be useful in setting out procedures for dealing with any future disputes between partners.

LLP Agreements

Often used for professional firms, a limited liability partnership (LLP) is a hybrid between a partnership and a limited company. Unlike a partnership, the financial liability of its members is limited to the amount they have invested and it is also required to file its annual accounts on the public register at Companies House.

The informalities of running an LLP are similar to a partnership and therefore the need for a professionally prepared LLP agreement is often dismissed. However, in the absence of an LLP agreement the default position is very similar to a partnership where there is no partnership agreement between the partners. It is therefore always advisable to have an LLP agreement in place.

 

Why Choose Premier Solicitors?

Premier Solicitors offers competitive fixed fees for preparing a partnership agreement or LLP agreement or reviewing an existing draft and our fees will be set at a level that is proportionate to the length and complexity of the proposed agreement.

You can come and meet our team at your convenience as we recognise that a business venture can be a 24/7 commitment. That is why we have extended opening hours of 9am to 7pm weekdays.

Get Help with Your Annual Returns call 01234 358080

IF YOU WOULD LIKE TO TALK TO US ABOUT FIXED FEE ADVICE ON A PARTNERSHIP AGREEMENT OR AN LLP AGREEMENT PLEASE:

CALL US ON 01234 358080 (OPTION 6);

MAKE AN APPOINTMENT TO VISIT US AT OUR OFFICE IN BEDFORD;

EMAIL US AT info@premiersolicitors.co.uk              

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