A Limited Liability Partnership (LLP) is a statutory body corporate enjoying the benefit that the personal liability of its participants (“Members”) are legally limited to their stake in the business – whilst retaining many of the features of traditional partnership (including the individual tax liability of the participants).
An LLP Agreement is a business management and ownership arrangement between the participants in an LLP (and, we recommend, the LLP itself) that will regulate the way that an LLP is controlled and trades. An LLP Agreement supplements the implied legal position (e.g. under the Limited Liability Partnerships Act 2000, and related regulations) and the engagement terms of its senior employees, and will have provisions dealing with:
- Management, including rights and responsibilities of the members
- Admittance and expulsion of members
- Members’ involvement in other businesses
- Business ownership, especially exit strategies
- Investment terms, how profits are shared, how assets (including Intellectual Property like trade names) are divide and who would be liable for any business debts.
Our packaged internet-sold product assumes that our clients will have already understood the benefits and implications, will have decided to participate in an LLP Agreement prior to their decision to buy our internet LLP Agreement product. We can also advise on the matters mentioned in a bespoke retainer. Please Contact Us for more information.
There will also be other provisions applicable to the engagement of senior executives (e.g. their basis of engagement, hours of work, sickness and other policies) which would not normally be appropriate to be covered in an LLP Agreement itself, but which may be very relevant to the overall structure of an enterprise. Accordingly you may also wish to consider our Contractor Contract and Employment Terms products.
You may also wish to consider our Company Incorporation, Shareholder Agreement, Share Option and EMI products.
How long will it take?
Our work from initial instruction to finalising the form of agreement generally takes about 7-10 working days. Special dispatch may be available where necessary at an extra charge.
Our work for you includes:
- Taking your instructions
- Drafting the LLP Agreement
- A Guidance service.
Our work will be charged at a fixed fee of £575 including VAT.
Our fee applies regardless of how much work we actually do. In some cases this may mean we’ll get relatively better paid for doing less work than in other cases, in which the fixed fee will barely cover our costs. This is simply the nature of the mutual gamble between a solicitor and their client when they fix a fee.
More detail of all these matters will be outlined in our retainer letter which you will be able to review before you engage us, after pressing the “Buy” button on the website.
If you have any questions or require any further information, please don’t hesitate to Contact Us.