LLPs

Although the LLP may be a partnership, it has more in common with a limited liability company than a business partnership.

In a partnership, all liabilities fall to the partners. This means that their personal assets could be at risk if the business fails. The partnership itself is not a legally recognised entity so the liability is on the individuals in their personal capacity.

An LLP is different because the company is recognised legally as an entity in its own right. This allows it to assume liability for the company, thereby protecting the partners’ personal assets. Their liability only extends to their contribution towards the assets of the LLP. Their private assets cannot be seized to cover any debts of the company that may accrue.

It’s therefore possible to see that it’s not that the liability of the company is limited, but the extent to which the partners are personally liable which is limited.

While there are distinct advantages to the LLP structure, there are some drawbacks too. Similarly to a limited company, the accounts of an LLP will need to be filed with Companies House and they will be visible as a public document.

The accounting, filing and publishing requirements for an LLP are far more onerous compared to a regular partnership. Specific accounting practices may need to be followed which add an extra level of complexity to the returns.

It’s also important to understand that the profits of an LLP are not taxed like a company. In this way, the structure is more like a partnership as profits are treated as personal income. There is no way of retaining profits in the company until the following year.

Although LLPs offer an interesting solution which may be suitable for some, the lack of flexibility and enhanced auditing requirements may mean it’s not the best solution for all.

Many ask us ‘what’s different about you?’ and we like to reply, ‘because we go the extra mile’. We see our work as building and maintaining good business relationships rather than just earning fees. How we do this is by keeping in constant contact with our clients and intermediaries. From pre to post instruction we ensure that our clients are informed of all legal issues that may impact their business and therefore lives. That is why we provide daily or weekly updates to ALL of our clients whether there is anything to tell them or not (we don’t charge for this we just see it as part of our service). We like our clients to rest peacefully knowing that when we are instructed, and we say ‘we will take it from here’ they know we mean it.

The world is changing, and many individuals are realising that lifestyle is as vital to them as is income. We are the lucky ones who can hand pick lawyers who can provide the best quality advice but at outer city costs. Our offices are in North West London which may not be the most salubrious in the market but at the same time this allows us to charge our clients for what they pay for, our advice NOT our office space.

ALL our lawyers have previously worked in large city-based law firms and continue to practise and offer  the same high level service  they provided to clients in the City but without the pressure and demands often dictated by City law firm. This allows us to be competitive on our fees without compromising our service.

All in all, our clients win, which is the way we like it.

All our clients benefit from the same high level of care and attention whether the instruction is big or small. At the outset of each matter, we discuss the entire process with our clients, including the costs, potential outcomes and issues associated. This is to ensure clients are fully aware, knowledgeable and are in control always. Supporting and ensuring we provide the highest level of services, we offer our constant contact process with the partner or barrister leading  your file, a document log in for matters which are for larger and more complicated instructions and on-going support post transaction should our clients require it. Our aim is not just to get the work done, but to make our clients’ lives easier as we do it, which is why we ensure that our clients have regular access to the resources they need from us.