LLP Agreements Solicitors in Stockport & Cheshire

Our LLP Agreement Solicitors specialise in drafting bespoke LLP Agreements that not only safeguard your business interests but also ensure your Limited Liability Partnership runs smoothly.

Whether you’re establishing a new LLP or fine-tuning an existing one, our expert LLP Agreement Lawyers will create an agreement that offers legal clarity, reduces risks and supports efficient business operations.

With years of experience working with clients from various industries, we know that no two LLPs are the same. Our deep understanding of the Limited Liability Act, along with the unique challenges your business might face, allows us to craft agreements that align with your goals. We cover every detail to make sure your LLP is built on a strong legal foundation.

We take the time to understand your business needs fully, enabling us to provide practical, bespoke solutions that prevent potential issues before they arise. We’re committed to delivering high-quality, cost-effective legal services that set your business up for long-term success.

Get in touch with our LLP Agreement Solicitors today to explore how we can help protect your business with a tailored agreement, ensuring peace of mind and a successful future.

What is an LLP Agreement?

A Limited Liability Partnership (LLP) is a unique business structure that blends the features of a traditional partnership with the advantages of limited liability, similar to those found in a limited company. In an LLP, members enjoy limited personal liability, meaning they’re only responsible for the business debts up to the amount they’ve invested, while still benefiting from flexibility in management and profit distribution.

LLPs are especially popular in professional sectors like legal, accounting, and medical practices, where managing risk and maintaining flexibility are crucial. This structure allows professionals to share profits without being personally liable for the full extent of the business’s debts.

If you need an LLP Agreement drafted or require amendments to an existing one, our expert LLP Agreement Solicitors are here to assist. We will craft a well-structured, bespoke LLP Agreement that aligns with both your business and personal objectives.

What’s included in a Well Structured LLP Agreement?

A well-structured LLP Agreement is designed to meet the specific needs of your business, covering key areas to prevent disputes and keep things running smoothly. Here are some important elements to consider:

Capital Contributions: It should clearly state how much each member is expected to invest and under what conditions additional contributions might be required.

Profit and Loss Sharing: Instead of relying on default equal shares, the agreement should outline exactly how profits and losses will be divided among members.

Decision-Making Powers: It’s crucial to define which decisions members can make on their own and which ones require a group vote, helping ensure that day-to-day management remains smooth.

Bringing in New Members: The agreement should establish a clear process for adding new members, including whether unanimous or majority approval is needed.

Exiting or Removing Members: You’ll need provisions for what happens if a member leaves—whether it’s voluntary, due to death, or by expulsion. This often includes how the departing member’s share is valued and what qualifies as a “good” or “bad” exit.

Asset Ownership: Clarifying which assets belong to the LLP and how they’re handled when someone leaves or the business is dissolved is essential.

Restrictive Covenants & Confidentiality: Make sure departing members are restricted from competing and required to maintain confidentiality, safeguarding the business’s interests.

Dispute Resolution: It’s a good idea to include a plan for resolving disputes internally, avoiding lengthy and costly legal battles.

By customising these provisions to fit your business, our LLP Agreement Solicitors ensure that your well-crafted LLP Agreement keeps everyone aligned, reduces the risk of conflict, and allows your LLP to operate smoothly and efficiently.

How can our LLP Agreement Solicitors Help?

At Mounteney Solicitors, our dedicated team of LLP Agreement Solicitors is here to help businesses create agreements that protect their interests, prevent disputes and ensure clarity for all members. Whether you’re setting up an LLP for the first time or revisiting an existing agreement, we provide expert legal advice to ensure your LLP is structured for long-term success.

We take the time to fully understand your business goals and needs, allowing us to draft a tailored LLP agreement that addresses all key areas. Beyond drafting, we offer ongoing guidance on crucial matters such as decision-making, profit-sharing and exit strategies, ensuring you remain fully compliant with the legal requirements of running an LLP.

Should any disputes arise between members, our team is ready to assist with effective dispute resolution, helping you avoid costly litigation and maintain smooth business operations.

At our law firm, we also have a dedicated team of commercial agreement solicitors who can provide additional expertise across a range of business contracts, including partnership agreements. If you specifically need assistance with partnership-related matters, our experienced partnership agreement solicitors are here to help.

From the moment we receive your instructions, drafting a tailored LLP agreement typically takes 7 to 10 working days. If you need your agreement sooner, we offer expedited services for an additional fee to ensure your deadlines are met without compromising on quality.

Our work for you includes:

• Taking your instructions
• Drafting the LLP Agreement
• A Guidance service.

Our LLP Agreement Solicitors will work efficiently to deliver high-quality legal agreements within your required timeframe, ensuring your LLP is structured for long-term success.

How much does it cost to instruct our LLP Agreement Solicitors?

Your supplier is unregulated Mounteney Legal Services Limited, that does not charge VAT

Our work will be charged at a fixed fee of £650

There is more about our fees on our website.

If you have any questions, require any further information, or would like to engage us (that will be on the T’s & C’s that are linked, “Our Terms”, in the footer, below) please don’t hesitate to Contact Us.

If you’re looking for expert LLP Agreement Solicitors to help secure your business’s future, Mounteney Solicitors is here to assist. Our experienced team is ready to guide you through the process of drafting a bespoke LLP agreement that meets your unique business needs. Whether you’re forming a new LLP or revising an existing agreement, we offer practical, tailored legal support to ensure your partnership runs smoothly.

At Mounteney, we take pride in offering a wide range of business services. If you require additional legal support beyond LLP agreements, our business solicitors can assist with a variety of commercial contracts and legal matters, ensuring your business is fully protected.

To speak with our solicitors in Stockport, please call us or visit one of our four offices for legal support in Bramhall, Cheadle, Hazel Grove and Heald Green. We serve clients throughout the Stockport and Manchester area, including Altrincham,  Marple, Poynton, Wilmslow, and Sale. We also offer virtual consultations, allowing us to support clients across England and Wales.

Contact us today to discuss how we can help with your LLP Agreement or any other business-related legal needs. Our team is committed to providing clear, expert advice that protects your business and helps it thrive.

Why do I need an LLP Agreement?

Although not legally required, an LLP Agreement is essential for ensuring clarity and preventing disputes between members. It sets out the roles, responsibilities, and expectations of each member, covering critical areas such as profit-sharing, decision-making, and the process for admitting or removing members. By having these terms clearly defined, an LLP Agreement helps avoid misunderstandings and allows the partnership to function smoothly.

In addition to providing clarity, an LLP Agreement offers flexibility by allowing you to tailor the terms to your business’s specific needs. This level of customisation gives members more control over how the business is managed and protects the interests of both the individual members and the partnership as a whole.

What happens if I don’t have an LLP Agreement?

If no LLP agreement is in place, the Limited Liability Partnerships Act 2000 and LLP Regulations 2001 will automatically apply, imposing generic rules that may not suit the specific needs of your business. These include:

• Equal sharing of profits, regardless of capital contributions.
• All members must participate in the management of the LLP.
• No remuneration for members managing the business.
• Unanimous consent required to admit a new member.
• No ability to expel a member unless expressly agreed in writing.

Relying on these default provisions can lead to misunderstandings, conflicts, and even costly litigation. A well-drafted LLP Agreement provides a bespoke framework for your business, ensuring that the roles, responsibilities, and financial arrangements of all members are clear from the outset.

Can I make changes to an LLP Agreement?

Yes, you can make changes to Limited Liability Partnership Agreements. As businesses evolve, it’s common for the original terms of the agreement to need updating. Whether you’re bringing in new members, altering profit-sharing arrangements, or adjusting management responsibilities, an LLP Agreement can be amended to reflect the current needs of your partnership.

However, any changes to the LLP Agreement must be agreed upon by all members, and it’s crucial to have the revisions drafted and formalised properly to ensure compliance and avoid legal issues. Our LLP Agreement Solicitors can assist with reviewing and updating your agreement, ensuring that the changes are clear, fair, and legally binding.