Since their inception in 2000, limited liability partnerships (“LLPs”) have been heavily used in the professional services sector. However, any business can trade through an LLP and, more recently, we are seeing increased popularity in other sectors.
The LLP structure was designed to promote the growth of partnerships by providing them with limited liability and a separate legal identity, whilst maintaining the tax treatment received by partnerships. The structure also provides other key benefits such as sense of ownership in the business and flexibility in management and remuneration structures. While the benefits seem clear, it is worth noting that the structure is complex and requires careful management.
Our cross departmental team of specialists has significant experience in the unique intricacies of LLPs and the life cycle of the business structure.
We help LLPs manage all aspects of the structure, from set-up and management to dispute resolution and exit strategies. We advise individual members on the full spectrum of issues from those relevant on joining through to disputes and discrimination and exit terms.
We know the market and we understand that entrepreneurs and growing businesses have limited time to consider their business structures.
- Fixed price LLP conversion
- LLP formation
- Joining a partnership or LLP
- Remuneration and management structures
- Corporate tax Corporate governance
- Exit strategies: mergers and sales dissolution, insolvency and winding up
- Members agreements and contracts of employment
- Practical and commercial HR advice
- High court and employment tribunal litigation
- Individual members’ tax
- Restrictive covenants, confidential information and database and data protection
- Employee and member dismissals, including redundancy and restructuring Discrimination