We act for partnerships and LLPs in all areas of professional practice, from mergers, acquisitions, demergers and strategic alliances to partnership disputes and exiting partners. We also advise on the use of partnerships and LLPs for wealth management, investment, tax or other structuring purposes, particularly in relation to property matters.
Separate from partnerships, LLPs provide for limited liability and can offer favourable tax treatment. There is also greater flexibility in the management of LLPs and, as mentioned, these are increasingly used not only in the professional services sector but in other areas.
The key is to have a structure which is flexible enough for the members (partners) but also robust enough to ensure that the entity is properly protected with a balance between the key players. There is often an overlap between the interests of the parties and we bring our experience in advising on practical solutions to reach a mutually agreed position.
Together with their accountants, we help guide clients through choosing the correct structure for their venture and if that is an LLP, we assist with each stage of the LLP registration process and annual compliance requirements.
We take a practical and commercial approach to our clients’ requirements with the focus on the commercial considerations in drafting the partnership arrangements or its dissolution.
We regularly advise on the formation, conversion and dissolution of partnerships and alternative structures involving considerations such as: