Trusted Solicitors For Business Partnerships
A partnership is formed when two or more people set up a business together with the common intention of generating profit (and they do not otherwise incorporate the business as a limited company). Whether or not the individuals intended to set up a partnership, English law automatically applies certain rules that govern the management of such business. Other business law services at Tinsdills include:
Legal Guidance For Business Partnerships
The essential structure of partnership law in England and Wales was established under the Partnership Act 1890 and has not changed significantly in over 120 years. The provisions under the Act govern matters such as the division of profits, decision-making and how partners can leave the partnership. Later legislation created limited partnerships as well as limited liability partnerships and, whilst LLPs are a different legal form, some aspects of partnership law will still apply to them.
A limited liability partnership (LPP) is a separate legal entity to its partners (or members, as they are known) in the same way that a limited company is a separate legal entity to its shareholders. An LLP operates in many ways like a traditional partnership but gives its members some limited liability.
There are many advantages to operating a business as a general or limited partnership but there are also many potential risks too. One of the main ways to mitigate these risks is with a bespoke partnership agreement, governing the way in which the partnership is run and, importantly, what happens to the business in the event that a partner dies or wants to leave.
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