020 8858 6971 contact us Online Payment work for us

Partnership and Limited Liability Partnership (LLP) Agreements

FIND OUT MORE

We encourage you to seek legal advice before setting up a partnership or a limited liability partnership to reduce the potential for disputes in the future. We advise all businesses to have in place a mechanism for dealing with disagreements without the need for expensive, stressful and risky court proceedings.

What is the difference between a Partnership and a Limited Liability Partnership?

A partnership – usually referred to as a general partnership – is an arrangement between two or more people who work together in business with a view to making a profit. A general partnership is not a separate legal entity and the partners will share in the profits and the losses of the business. The liability of the partners is unlimited. The profits of each partner is taxed as personal income.

However, a limited liability partnership (LLP) is a separate legal entity which means that the partners (referred to as members in an LLP) do not, as a general rule, carry unlimited liability for the liabilities of the business. The profits of each partner is taxed as personal income in the same way as in a general partnership.

A general partnership is governed by a partnership agreement and an LLP is governed by an LLP agreement. Each type of agreement has separate considerations and legal advice should be sought before entering into such an arrangement.

Why (or when) would someone need this service?

A Partnership or LLP Agreement is suitable for the partners of a new business or partners who are already in business together but without a written agreement in place. Your agreement will cover a range of matters in connection with your business, such as:

  1. The responsibilities of each partner or member;
  2. The distribution of profits and allocation of losses;
  3. Provisions concerning the exit of a partner or member;
  4. The death, retirement or expulsion of a partner or member;
  5. The voting requirements and rights of each partner or member.

How does the process work and what are the steps?

If we are instructed to prepare the Partnership or LLP Agreement, we provide a questionnaire to get the parties thinking about how they wish to regulate their relationship. We will then provide the draft agreement for you to review.

Alternatively, if we are instructed to review a Partnership or LLP Agreement which is prepared by another party, we would discuss this with you before providing our advice on the draft. You will then be best placed to decide whether the draft meets your requirements and understanding or if any amendments should be made.

Why are Grant Saw the best people for the job?

Our lawyers are highly experienced in advising on partnership and LLP matters. We understand the problems that arise in practice frequently and will discuss these with you at an early stage, so that you can be confident that your business is set up on the right footing.  We also understand the most common ways that disputes between partners arise and we will draft the agreement with the aim of reducing the potential for disputes to arise in your business.

Our lawyers would be pleased to discuss your requirements with you and provide you with a costs estimate. Please get in touch with us here.

Meet the Partnership and Limited Liability Partnership (LLP) Agreements team
Ray Crudgington
Managing Partner
greenwich
02083054224
ray.crudgington@grantsaw.co.uk
Maria Lati
Partner
Head of Residential Property
blackheath
02083054229
maria.lati@grantsaw.co.uk
Mike Clary
Partner
Head of Family
greenwich
02083054237
mike.clary@grantsaw.co.uk
Kalpa Prajapati
Partner
Head of Private Client
blackheath
02083053536
kalpa.prajapati@grantsaw.co.uk
Mario Savvides
Partner
Head of Commercial Property
greenwich
02083053531
mario.savvides@grantsaw.co.uk
Sarah-Kate Jackson
Partner
Head of Litigation
greenwich
02083054236
sarah-kate.jackson@grantsaw.co.uk
Adina-Leigh Collins
Litigation
Solicitor
greenwich
02083053556
adina-leigh.collins@grantsaw.co.uk
Aimal Gram
Commercial Property
Solicitor
greenwich
02083053524
aimal.gram@grantsaw.co.uk
Aisha Mohammed
Residential Property
Solicitor
greenwich
02083054228
aisha.mohammed@grantsaw.co.uk
Aishat Balogun
Aishat Balogun
Family
Solicitor
greenwich
02083054214
aishat.balogun@grantsaw.co.uk
An Le Tran
Commercial Property
Professional Support Solicitor
greenwich
02083054226
anle.tran@grantsaw.co.uk
Angus Young
Litigation
Solicitor
greenwich
02083054225
angus.young@grantsaw.co.uk
Atifha Aftab
Atifha Aftab
Family
Solicitor
greenwich
02083054238
atifha.aftab@grantsaw.co.uk
Bimal Kotecha
Litigation
Solicitor
greenwich
02083053523
bimal.kotecha@grantsaw.co.uk
Charlotte Mandy
Charlotte Warren
Private Client
Solicitor
blackheath
02083054231
charlotte.warren@grantsaw.co.uk
Claire Mac Mahon
Litigation
Solicitor
greenwich
02083053537
claire.macmahon@grantsaw.co.uk
Deborah Taite
Residential Property
Solicitor
blackheath
02083053542
deborah.taite@grantsaw.co.uk
Emily Pearce
Residential Property
Solicitor
greenwich
02083053526
emily.pearce@grantsaw.co.uk
Georgia Beales
Litigation
Paralegal
greenwich
02083054206
georgia.beales@grantsaw.co.uk
James McKimm
James McKimm
Corporate and Commercial
Solicitor
greenwich
02083054217
james.mckimm@grantsaw.co.uk
Jeremy Brooks
Jeremy Brooks
Private Client
Solicitor
blackheath
02083053534
jeremy.brooks@grantsaw.co.uk
Joanna Godden
Notary Public
Notary
greenwich
02083083535
joanna.godden@grantsaw.co.uk
Kim Whitaker
Kim Whitaker
Corporate and Commercial
Head of Corporate and Commercial
greenwich
02083053539
kim.whitaker@grantsaw.co.uk
Laura Danquah
Compliance Manager
greenwich
02083054222
laura.danquah@grantsaw.co.uk
Lauren Smith
Employment and Family
Paralegal
greenwich
02083053543
lauren.smith@grantsaw.co.uk
Mandeep Clair
Family
Solicitor
greenwich
02083054235
mandeep.clair@grantsaw.co.uk
Michael Pope
Employment
Consultant Solicitor
greenwich
02083053540
michael.pope@grantsaw.co.uk
Michelle Pinnington
Michelle Pinnington
Residential Property
Solicitor
greenwich
02083054216
michelle.pinnington@grantsaw.co.uk
Noella Gooden
Employment
Solicitor (Australian qualified)
greenwich
02083053543
noella.gooden@grantsaw.co.uk
Raj Waghela
Raj Waghela
Residential Property
Solicitor
greenwich
02083053529
raj.waghela@grantsaw.co.uk
Randeep Thethy
Randeep Thethy
Residential Property
Solicitor
greenwich
02083054209
randeep.thethy@grantsaw.co.uk
Sarah Conner
Sarah Conner
Private Client
Solicitor
blackheath
02083054234
sarah.conner@grantsaw.co.uk
Simran Lalli
Simran Lalli
Employment
Solicitor
greenwich
02083054208
simran.lalli@grantsaw.co.uk
Susan Collins
Commercial Property
Solicitor
greenwich
02083054200
susan.collins@grantsaw.co.uk
Tatiana Zenina
Tatiana Zenina
Private Client
Solicitor
blackheath
02083054239
tatiana.zenina@grantsaw.co.uk
Trisha Djemal
Trisha Djemal
Residential Property
Consultant Solicitor
blackheath
02083053546
trisha.djemal@grantsaw.co.uk
Tyrone Grant
Residential Property
Head of Leasehold Enfranchisement
blackheath
02083053522
tyrone.grant@grantsaw.co.uk
Denise
Accounts Staff
greenwich
02088586971
enquiries@grantsaw.co.uk
Jayne Lye
Support Staff
Office Manager
greenwich
02083054204
jayne.lye@grantsaw.co.uk
Jamie
Support Staff
Head of IT
greenwich
02088586971
enquiries@grantsaw.co.uk
Kasia
Accounts Staff
greenwich
02088586971
enquiries@grantsaw.co.uk
Michael Tobin
Michael Tobin
Support Staff
Marketing and Business Development Manager
greenwich
02083053550
michael.tobin@grantsaw.co.uk
Sue Holness
Support Staff
Customer Services
greenwich
02083054221
sue.holness@grantsaw.co.uk