Partnership and LLP Agreements Specialist partnership and LLP agreement solicitors in Milton Keynes

We can help you decide which is the most suitable business vehicle for you – a general partnership that is not a separate legal entity distinct from its partners or an LLP that is a separate legal entity that reduces a partner’s liability to the amount they put into the business.

Both provide a number of different advantages and implications and what is right for you will depend on the nature of your partnership and its priorities.

At Heald Solicitors in Milton Keynes, we draw up agreements for partnerships and limited liability partnerships that deal with a range of eventualities and set out what is expected of each partner.

Our corporate and commercial solicitors will work with you to understand the structure of your partnership and how best to safeguard your enterprise. We will draw up a strong agreement that ensures everyone understands their duties, obligations, and liabilities from the start.

Key provisions in a partnership or LLP agreement

A partnership agreement should be tailored to your unique circumstances and requirements, but will often include the following provisions:

• Details of capital contributions;
• How profits and losses will be shared;
• What is expected of the partners in terms of work taken on and responsibilities;
• What decisions a partner can make unilaterally and what must be agreed jointly;
• The process for taking on a new partner;
• What will happen in the event that a partner wishes to leave or dies;
• A dispute resolution process.