Partnership & LLP Agreements

Although ‘traditional partnerships’ are not as popular as they once were, they are still commonly used by professional service firms and GP practices. Without a partnership agreement in place, the provisions contained in an Act dating back to the 19th century will apply by default. Some of these provisions are outdated and in any case this Act does not cover all of the aspects of running a modern day partnership.

Limited Liability Partnerships (LLPs), which are viewed as a more modern partnership structure providing the benefit of limited liability, are also subject to default provisions if there is no LLP agreement in place.

Our Corporate team can help you prepare a partnership or LLP agreement which avoids the uncertainty of default provisions applying and which details the rights and obligations each partner has to the business; structures the relationship in a way to suit the business; and sets out how the business is to be run. They also provide a clear process on how to deal with new and exiting partners and with disputes amongst the partners.

We believe healthy partnerships are based upon mutual respect which is underpinned by a comprehensive written agreement. We can advise on a variety of partnership agreement matters, including the relationship each partner has with the partnership business.

We offer:

• Advice on different partnership options
• Assistance on converting from a traditional partnership to an LLP
• Clear and workable partnership or LLP agreements
• A step-by-step walkthrough of the process

Related Services:

• Commercial Disputes
• GL Business Consultancy
• Financing & Security
• Senior Executive Exits

Take a look at our Partnership Agreements Guide to find out all you need to know about partnership agreements.

For enquiries, please contact one of our team for a no obligation initial phone call, alternatively contact us via the switchboard on 0117 906 9400 or enquiries@gregglatchams.com.