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.
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.
Two wrongs don’t make a right: Court of Appeal decides illegality is no defence to professional negligence claim16 October 2018
For public policy reasons, the Court of Appeal has held that the defence of illegality was not available to a firm of solicitors that failed to register a property transfer to a client involved in mortgage fraud. The court decided that there was no risk that enforcing the client’s negligence claim would undermine the integrity of the justice system and she was entitled to damages, in spite of the fraud.
Clive Greenwood writes for Accountancy Age: How to protect LLP firms from a damaging team move10 January 2018
In an article for Accountancy Age, Clive Greenwood discusses that while accountancy firms heavily invest in attracting and retaining talent, do they devote sufficient effort to ensuring teams can’t go and play for the opposition?
Fergus Payne writes for Accountancy Age: LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?15 December 2017
In an article for Accountancy Age, Fergus Payne discusses why and how do accountancy firms set up or convert to an LLP, and will LLPs continue to be the preferred set-up in the future?
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.