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.
Mark Lim writes for Accountancy Age: Insolvency of LLPs – liability and risk for partners07 June 2019
In an article for Accountancy Age, Mark Lim outlines what partners need to know in the event of an LLP’s insolvency.
Fergus Payne writes for Accountancy Age: Top tips for updating your LLP Agreement25 April 2019
In an article for Accountancy Age, Fergus Payne, partner and head of our partnerships and LLPs practice group, explains how to update your LLP Agreement.
Fergus Payne features for The Law Society Gazette: New model army01 April 2019
Fergus Payne recently attended the latest Gazette roundtable, where mergers, finance, technology and succession planning were high on the agenda and changing law firm business structures were discussed.
Andrew Wanambwa writes for Accountancy Daily: Section 2 notices raise risk level for accountants18 March 2019
Professional services firms, requests for documents and Section 2 notices under Criminal Justice Act 1987 could pose a risk for accountants and auditors as illustrated in the recent Omers case at the High Court, explains Andrew Wanambwa, in an article for Accountancy Age.
Supreme Court decision on professional negligence and loss of chance: Perry v Raleys Solicitors21 February 2019
The Supreme Court has upheld the appeal of a firm of solicitors defending a professional negligence claim and helpfully reiterated well-established principles about the approach the court must take when considering the issue of causation in loss of chance cases. The decision clarifies what has to be proved in cases where the question for the court depends on what: (a) the claimant would have done (which the claimant must prove to the usual standard ‘on the balance of probabilities’); compared with (b) what others would have done (which are better assessed on a loss of chance basis).
James Gill and Mark Hersey write for Accountancy Age: Moving to the Cloud in 2019: 10 steps to avoid the common pitfalls08 January 2019
Mark Hersey and James Gill have written an article for Accountancy Age explaining how to make your move to cloud accounting as smooth as possible this year.
Fraser McKeating writes for Accountancy Age: Professional privilege and investigations – what do accountants need to know?26 November 2018
In an article for Accountancy Age, Fraser McKeating explains how the law of privilege operates in the context of investigations.
The regulator and the right of reply: two recent cases involving the Financial Reporting Council29 October 2018
The Financial Reporting Council (FRC) is the regulator for UK statutory audits. Its responsibilities include setting audit standards, as well as enforcing the quality of audit. It is the investigative and disciplinary body for UK accountants dealing with cases affecting the public interest. FRC investigations naturally focus on those under its jurisdiction, such as its member accountancy firms and individual auditors. Sometimes, however, the conduct of the audited company and its managers will also be relevant. Two recent cases have discussed the duties owed by the FRC to these entities. The cases will be relevant to other regulators.