There are very few statutory rules setting out how an LLP should be run. As with a partnership, such matters are left for the members to decide for themselves and to include in an LLP agreement.
There is no statutory requirement to register (or even to have) a written limited liability partnership agreement, but such an agreement is essential in practice. Without one, many major details will go unrecorded, such as the proportions in which the members own the business, who is entitled to the profits and who is liable for the losses, and other important matters. Without an LLP agreement, very real disputes can arise, especially on the death or departure of a member, which can only be resolved with expensive litigation.
Such problems can be avoided entirely by having an LLP agreement drafted. Our service is fast, reliable and provided at low cost.
Our standard LLP agreement provides an agreement that is suitable for a small trading business, setting out the essential matters which need to be covered.
Our bespoke LLP agreement allows you to specify what provisions the agreement should contain, and is suitable for all trading LLPs. We ask what issues are important to the various parties, advise on typical issues and solutions and present a draft agreement for approval typically within a few working days of taking instructions.
We also provide LLP agreements for professional firms, such as solicitors and accountants, which tend to be a little more complex (because of the requirements of the relevant professional body, and because there tend to be more detailed provisions for the admission of new partners and for those retiring). Please contact us for more details.
If your LLP does not yet exist, we can set one up for you with either type of agreement in force from the date of registration – please see here to register an LLP.
|Standard LLP Agreement||Only £70.00 + VAT||Buy it now|
|Bespoke LLP Agreement||From £300.00 + VAT||Quote|
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