Partnerships & LLPs
Among all the different ways to structure a business, LLPs and partnerships face a particularly unique range of issues that require a very distinct approach.
Structuring a traditional partnership or LLP needs careful planning and water-tight agreements to ensure that members’ rights and duties are clear, as well as understanding of the tax implications and fiduciary responsibilities which are different to those of employees. However, like all businesses, issues such as protecting a firm’s interests when key individuals retire or a team defects, dealing with disputes or grievances, and best managing mergers or joint ventures may all need to be addressed.
Our highly regarded practice advises on all aspects affecting LLPs, partnerships and the individuals who work within them. As well as our well-deserved reputation as the “lawyer’s lawyers”, we are also trusted legal advisers for many leading firms of accountants, surveyors, architects and management consultants, as well as clients utilising a partnership structure in industries such as financial services, marketing communications and healthcare.
Lewis Silkin is proud to support Createch 201723 June 2017
Createch - the emerging category in which technology enables new forms of creativity and vice versa - was celebrated as a new growth opportunity for the UK at a unique gathering of business leaders, entrepreneurs and creatives.
Proposed disclosure rules for non-UK entities owning property or bidding for Government contracts12 April 2017
The UK Government proposes new rules requiring non-UK entities that already own, or intend to acquire, UK real estate, or that wish to bid for UK central Government contracts, to be required to disclose information about the beneficial owners of the entity.
Ten Creators, Makers & Innovators lawyers listed in Best Lawyers in the United Kingdom28 March 2017
Lewis Silkin is pleased to announce that ten partners across the Creators, Makers & Innovators division have been listed in this year’s edition of Best Lawyers 2018 United Kingdom.
Dating apps get even more interesting17 February 2017
A Scottish court has recently refused to find that a legal partnership existed between two former friends and Mr Elliott in relation to a business arrangement to develop and exploit a couple of online dating apps. The court held that, without a contract, there was no partnership and Mr Elliott was not obliged to share the profits from the venture with the friends.
Partners profit share can be forfeited for breach of duty30 November 2016
The High Court has recently ruled that a partner or LLP member, who commits a breach of fiduciary duty, may forfeit any part of his profit share which constitutes remuneration.
Limited Liability Partnerships22 November 2016
Originally conceived as a vehicle for use by professional practices to obtain the benefit of limited liability while retaining the tax advantages of a partnership, LLPs have a far wider use as is evidenced by their increasing popularity as an alternative business vehicle in a wide range of sectors
Converting to an LLP18 November 2016
Originally conceived as a vehicle for use by professional practices to obtain the benefit of limited liability while retaining the tax advantages of a traditional partnership, limited liability partnerships (LLPs) have a far wider use as is evidenced by their increasing popularity as an alternative business vehicle in a wide range of sectors.
Does your LLP Agreement need a healthcheck11 November 2016
Your LLP agreement may have been drafted several years ago and now be gathering dust in a drawer. Since it was executed many things may have changed.