DYNE DREWETT SOLICITORS LIMITED.

Partnerships and LLPs

Partnerships come in all forms, from two individuals starting out in business to very large organisations spanning different regions in their reach. Whatever their nature, however, a partnership represents some form of business relationship which, like any other, needs to be thought through carefully and documented. This is often overlooked, given there is always so much to do when setting up a new venture; with existing businesses, the relationship may never have been documented or, where it has, the partnership agreement may not reflect the real day-to-day operation of the business, providing no assistance if things go wrong.

It has been possible to set up a Limited Liability Parnerships (LLP) since April 2001, giving partners the same benefit of limited liability as applies with most companies. The LLP was introduced as a new form of corporate business vehicle after increased pressure from professional firms, whose partners were finding themselves increasingly exposed to greater levels of personal liability. In addition, the LLP has proved very popular amongst property investors and developers due to the favourable tax treatment applied to LLPs. If you are thinking of going into partnership, or are looking for the right kind of business vehicle to use for a particlar project, please feel free to contact Richard James for an initial no-obligation discussion about how we may be able to help you.

To request any of the above services, or to find out more about how we may be able to help you, please feel free to contact Richard James.