LLPs and Partnerships
According to the Partnership Act of 1890, a partnership is “the relation which subsists between persons carrying on a business in common with a view of profit” and this remains the definition to this day. The 125-year-old Partnership Act 1890 sets out laws and regulations which are out of date and often do not apply to a modern day partnership.
A Partnership can be a hugely profitable decision to make for your business, but it is crucial that it is regulated by a solid, well-thought-out Partnership Agreement. Carter Bond can advise on the whole range of LLP agreements and structures, be it a start-up, a conversion, or a joint venture. We act for businesses, management committees, owners, investors, corporate members, and individual partners, with the aim of maximising the agreements’ flexible nature and making sure that it is aligned with the needs of both the business and the partners involved.
What We Do
- Partnership Disputes.
- LLP Agreements.
- Partnership Agreements.
- Dissolution of a partnership.
- Retiring from a partnership.
FAQ - LLPs & Partnerships
What is the difference between an LLP and Partnership?
LLP is a limited liability partnership which is a corporate body with a separate legal entity. Whereas, a general partnership is defined by a number of individuals carrying on business together with a view to make profit. A partnership has no separate legal identity and each partner, usually, has unlimited liability.
How is an LLP created?
Potential members can incorporate an LLP by submitting the incorporation application form LL1N01 electronically or by post to Companies House together with the registration fee of £10 if electronic submission or £40 if hard copy submission.
How is a general Partnership created?
There are no formalities to create a general partnership. This means you don't have to have anything in writing for a partnership to form. The key factors are two or more people who are carrying on as co-owners and sharing profits. Remember that even if you don't intend to form a partnership, if that's how you hold yourself out to the public, then your relationship will be deemed to be a partnership.
With over 10 years experience, Reena has significant knowledge and expertise when it comes to corporate and commercial matters. She is best placed to draft any agreement you require for your business.
Naju recently qualified has a solicitor in 2019 and mainly specializes in corporate and commercial matters. She has experience working with clients globally, specializing in international commercial needs as well as the UK.
LLPs & Partnership Solicitors
Let us take it from here
Call us on the number below or complete the form and one of our team will be in touch.
020 3475 6751