Partnership and LLP Agreements

Structuring Business Relationships

Guiding you through partnership and LLP agreements

Partnerships and Limited Liability Partnerships (LLPs) are popular business structures for professional practices and small to medium-sized enterprises. A well-drafted partnership or LLP agreement provides a clear framework for how the business will operate, defining the rights and obligations of the partners, profit-sharing arrangements, decision-making processes and what happens when circumstances change.

Without a clear partnership or LLP agreement, businesses may be subject to default statutory rules that do not reflect the commercial intentions of the partners. This can create uncertainty over important issues such as management responsibilities, financial contributions, distributions and the admission or departure of partners, potentially leading to disputes and operational difficulties.

At Ellis-Fermor & Negus, our experienced corporate and commercial team advises clients across the East Midlands and beyond on drafting, reviewing and updating partnership and LLP agreements. We help partners establish arrangements that reflect how they actually want their business to operate, while identifying potential areas of disagreement before they become problems.

We can advise on profit sharing, voting and decision-making, partner responsibilities, capital contributions, retirement and admission of partners, transfers of interests and exit arrangements, as well as provisions dealing with disputes and the future development of the business.

Whether you are establishing a new partnership or LLP, reviewing an existing agreement or dealing with a change in the partnership, we can help protect the business and the interests of those involved.