General partnerships, LLPs and similar structures have a diverse range of commercial uses, and a wide range of such structures is available.
A general partnership governed by the Partnership Act 1890 is a familiar form of business structure, and still favoured by many professional services firms. Since the passing of the Limited Liability Partnerships Act 2000, it is now possible to incorporate a limited liability partnership (LLP), maintaining many of the characteristics of a general partnership but with the protection of limited liability against creditors of the partnership. There are also certain regulatory public filing requirements which are not imposed on a general partnership that make an LLP an attractive structure.
Whether a partnership has been formed under the Limited Liability Partnerships Act 2000, is still governed by the Partnership Act 1890, or takes some other form, the likelihood is that at every turn a complex series of issues will need to be considered. First class commercial and legal advice is needed to navigate these pitfalls.
How Hill Dickinson can work with you
Hill Dickinson itself converted to a limited liability partnership in 2005, and advises many traditional professional partnerships and LLPs, as well as numerous limited partnership funds. We have used the experience to devise innovative partnership and LLP structures for use in corporate finance transactions.
Hill Dickinson’s commercial team is widely experienced in advising on partnership law and LLPs and the steps required for the formation and running of general partnerships and LLPs. Our commercial lawyers produce all relevant legal documents including standard or bespoke partnership agreements or LLP members’ agreements relating to the creation of a general partnership or the incorporation a LLP.
Keeping in mind regulations and legal developments, we ensure your business adheres to and (taking into account the long-term aims of each business or organisation) makes the best of partnership and LLP law and legislation. Where conversion of a general partnership to LLP status is appropriate, our commercial lawyers also advise on all aspects of the conversion process.
