Partnerships

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:

Tinsdills recently expanded this department following an acquisition of Grindeys Solicitors

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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    Caroline, Becky and the team acted on our behalf in the management buyout of our shares in our commercial refrigeration and ware washing goods distribution company. It was a complicated transaction under which there were various parties including finance, numerous lawyers, accountants and tax advisers. The team negotiated a fair deal for us and were supportive, explained complex matters in simple jargon-free language and we felt confident in their ability in acting on our behalf. We would like to thank the team at Tinsdills for their hard work, dedication, help and patience throughout the transaction.”

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    “With all the varied aspects of our business, Caroline Gray was very patient and accommodating to our needs and changes and even more changes. Thank you very much.”

    “Having dealt with Tinsdills a few years ago (from the opposite side of the table), Caroline and her team were my first choice when embarking on the next chapter of our business growth. A complicated share/company buyout; the team were always on hand to offer words of advice, illustrating that they ‘had my back’ on every occasion. I would not hesitate to recommend their proposition to any business looking for a first-class legal team, able to present information in a logical and understandable fashion. Thank you to Caroline, Rebekah and the Team.”

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    Tinsdills Solicitors – managing all aspects of Corporate Law across Staffordshire, Cheshire, Derbyshire and Shropshire.

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