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Does your LLP Agreement need a healthcheck

11 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.

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. Not only have areas of law been amended but the way your firm carries on business may be different and the internal practice and customs of the firm no longer reflected in the firm’s constitutional arrangements. You may want to avoid difficulties enforcing provisions in your LLP agreement and require reassurance that the firm’s goodwill is adequately protected. For these reasons it is a good idea to have your LLP agreement reviewed every few years. Set out below is a summary of the main areas which may benefit from a regular update and the reasons why.

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