A Limited Liability Partnership (LLP) is a statutory body corporate enjoying the benefit that the personal liability of its participants (“Members”) are legally limited to their stake in the business – whilst retaining many of the features of traditional partnership (including the individual tax liability of the participants).
An LLP Agreement is a business management and ownership arrangement between the participants in an LLP (and, we recommend, the LLP itself) that will regulate the way that an LLP is controlled and trades. An LLP Agreement supplements the implied legal position (e.g. under the Limited Liability Partnerships Act 2000, and related regulations) and the engagement terms of its senior employees, and will have provisions dealing with:
- Management, including rights and responsibilities of the members
- Admittance and expulsion of members
- Members’ involvement in other businesses
- Business ownership, especially exit strategies
- Investment terms, how profits are shared, how assets (including Intellectual Property like trade names) are divide and who would be liable for any business debts.
- Our packaged internet-sold product assumes that our clients will have already understood the benefits and implications, will have decided to participate in an LLP Agreement prior to their decision to buy our internet LLP Agreement product. We can also advise on the matters mentioned in a bespoke retainer. Please Contact Us for more information.
How long will it take?
Our work from initial instruction to finalising the form of agreement generally takes about 7-10 working days. Special dispatch may be available where necessary at an extra charge.
Our work for you includes:
- Taking your instructions
- Drafting the LLP Agreement
- A Guidance service.