Limited Liability Partnership Agreements
Protect your business with a well drafted limited liability partnership agreement.
Create a clear path for your business and make commercial collaboration between members easier and more efficient with a well drafted limited liability partnership agreement. Whether you’re converting a partnership or starting anew, we’ll help you document the terms that will govern your limited liability partnership (LLP) – it’s one of the smartest ways to create certainty as to your partnership rights and to offer protection against risks to your business.
Protect your assets |
Clearly document how assets owned by the limited liability partnership are to be treated and disposed of, so that each LLP member knows their rights.
Structure for decision-making |
By creating a thorough and well documented decision-making structure, there will be no confusion as to the decision-making process. This will demonstrate good corporate governance to customers and suppliers and help you avoid accidental or unwanted liabilities for the business.
Limit risks to your business |
Producing clear guidelines on risk allocation or to what extent members agree to be liable will help you avoid costly and time intensive dispute resolution processes.
A clear exit strategy |
When being a member of the limited liability partnership is no longer commercially viable, having an exit strategy is of key importance. Being able to rely on well-documented provisions that clearly set out what happens when a member wants to leave the LLP can give you peace of mind that you are not making an overly onerous commitment.
Get clarity on your tax liability |
An LLP is a separate legal entity from its members, but it is treated as a traditional partnership for the purposes of tax. LLP members are taxed as partners and so they are individually liable for tax on their share of the income or profits of the LLP. It is well worth documenting who is in charge of compliance with the LLP’s tax obligations to avoid penalties for late payments.
Why choose Harper James Solicitors?
Our corporate solicitors have a wealth of experience in drafting limited liability partnership agreements and in advising LLPs in general. We can assist you with strategic analysis of your LLP, provide you with well-drafted documentation and support you with negotiations of your governing documents – from the commercial terms of your business to the more common legal protections that you might need.
Beyond providing you with corporate advice, we take a holistic approach to supporting you across all areas of business law. Our extensive experience helping businesses across the UK develop means we understand commercial challenges beyond just their legal implications – enabling us to provide practical advice and guidance to help you achieve your business goals, now and in the future.
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