Partnerships and LLPs
If you do not agree on a partnership agreement, your partnership will be governed by the provisions of the Partnership Act 1890 or, in the case of an LLP, the Limited Liability Partnerships Act 2000. This can restrict the way your business is run, as the terms do not deal with the specific needs of most partners or members.
For example, partners cannot be expelled, a partner cannot be introduced without the consent of all members and the partnership can be terminated on notice from one partner.
These issues can be prevented through the construction of an expertly written partnership agreement, put together to ensure that your business can focus on making a profit, rather than dealing with challenging legal issues.
Whether a partnership agreement or LLP Membership Agreement is required, both instances offer increased control over the members of a partnership, allowing for changes to be made without a lengthy legal challenge. Most agreements deal with how the partnership can be brought to an end, the initial capital contributions, division of profits and losses, management structure, retirement from partnership or membership, dissolution, expelling partners or members, restrictive covenants and the termination of your partnership.
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