partnership and LLPs

overview

Partnerships provide a flexible and effective vehicle for the operation of many types of business, notably professional businesses. For many years the commercial lawyers at Field Seymour Parkes have been advising on the setting up of new partnerships (typically involving the drafting of bespoke partnership agreements) and assisting existing partnerships when the need arises.

We have set up partnership agreements for farmers, doctors, estate agents, surveyors and accountants as well as for businesses involved in information technology and property investment. Partnerships remain an important alternative to incorporation and the greater freedom from regulatory control is attractive to many of our clients.

New opportunities for new and existing partnerships became available in April 2001 when the Limited Liability Partnership Act 2000 introduced a brand new form of business vehicle – the limited liability partnership (LLP). LLPs share many of the features of a normal partnership but, crucially, they also offer reduced personal responsibility for debts. Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners. Many businesses are converting or thinking of converting to LLP status and many start-ups are now choosing to trade as LLPs.

To meet the demand from clients seeking advice on partnerships and LLPs, Field Seymour Parkes have established a specialist group to help clients navigate their way through the legal and procedural requirements in setting up both standard partnerships and LLPs. If you require any information about partnerships or LLPs  please contact a member of the group.