New Company Packages
- Limited Company Formation Packages
- Guarantee Company Formation
- Public Limited Company Formation
- Property Management Company
- Commonhold Association Formation
- Limited Liability Partnerships
- Offshore Company Formation
- Charities
- Company Formation for Overseas Residents
- Northern Ireland and Scottish Companies
- Community Interest Companies
- Ancillary Services
- Legal Advice and Consultancy
- Trademark Registration
- Third Party Services
- Frequently asked questions
- What is a Limited Liability Partnership?
- What is the purpose of a Partnership Agreement?
- What is the difference between a UK limited liability partnership and a UK limited liability company?
- Who can form a limited liability partnership?
- Who will be liable for the Limited Liability Partnership?
- A registered office is required in order to incorporate an LLP - what is it?
- What is the minimum number of designated members a limited liability partnership requires?
- What is the difference between a member and a designated member?
- What are the disclosure requirements of a Limited Liability Partnership?
- Does a Limited Liability Partnership have a constitution in the form of Memoradum and Articles of Association like a company?
- How will a Limited Liability Partnership be taxed?
Limited Liability Partnership Frequently Asked Questions
What is the purpose of a Partnership Agreement?
New legislation does not require you to have a written partnership agreement in the UK in order to register as a Limited Liability Partnership. However from a legal and practical view point you should certainly have an agreement in writing with your proposed partner setting out the terms of your partnership so it can be referred to especially in the event of a dispute. The sort of matters we would cover in the agreement are set out below:-- Business of the partnership
- Firm name and location
- Duration
- Partnership property
- Financial Provisions
- Capital
- Profits and losses
- Drawings
- Advances to the partnership
- Bankers
- Records and account
- Managerial Provisions
- Managing Partner
- Meetings and Voting
- Holidays
- Absence
- Motor cars
- Insurance
- The Partners' Obligations and Restrictions
- Good Faith
- Restrictions on partners
- Motor cars
- Termination Provisions
- Retirement
- Expulsion
- Outgoing partners share
- Determination of the Partnership
- Cessation provisions
- Arbitration in disputes
