They say what’s important – what matters and what doesn’t – and that marks them out.
Partnerships, in whatever form, have traditionally been seen as the sole preserve of professional firms such as accountants and lawyers but the limited liability partnership (LLP) has increasingly become the vehicle of choice for conducting a much wider range of business.
The Penningtons Manches corporate team has extensive experience advising business owners on the use of partnerships, including LLPs. Our expertise in advising on all types of business structure helps us work with you to select the right structure for your business.
Our team guides LLPs and general partnerships across a range of sectors on all areas of their businesses, leading clients through the process of forming or converting into an LLP including preparing all necessary agreements. We also have experience of advising on the transition from general partnerships to LLPs, from LLPs to company structures, and the incorporation of LLPs in more complex group structures.
Taxation of LLPs and partnerships is a complex area with many recent changes and more on the horizon. Our team of experts have detailed knowledge of the tax code, employment and partnership law to help our clients avoid pitfalls.
We also provide ongoing services to partnerships and LLPs and their members on all legal matters relating to the partnership. These include preparing and updating partnership/LLP agreements and advising on their terms; and advising on changes to the business structure, including admissions of new members and retirements of existing members. Where relations break down between members, we can assist in the resolution of the conflicts that can arise between members.
Advising a professional partnership on its conversion to a limited liability partnership and the related transfer of part of the business to a new subsidiary of the limited liability partnership.
Acting for a food producer client on its restructuring from an LLP to a company structure, including providing tax and legal structuring advice and dealing with the transfer of its business and assets.
Advising a general services sector partnership on its conversion to an LLP; the transfer of its business and assets including its service company subsidiary; the novations of its banking facilities; and the provision of new security.