The LLP structure has been designed to promote the growth of partnerships, providing limited liability and a separate legal identity whilst maintaining the tax treatment received by partnerships.
LLPs also provide other benefits such as sense of ownership in the business and flexibility in management and remuneration structures. While the benefits seem clear, the structures can be complex and require careful management. Both the law and practicalities are still emerging after more than 10 years of use since inception.
Having been involved with the development of the UK LLP legislation from the very outset in 2000, we are one of the few law firms to have worked with LLPs from the moment they became available. Many of the sectors on which we focus are seeing a rise in the use of LLP structures, from financial services, to technology, real estate and construction.
We act for businesses, management committees and teams, as well as owners, investors, JV partners in LLPs, corporate members, and individual partners. We advise on the full variety of LLP agreements and structures, whether it a conversion, start up or joint venture, to maximise use of their flexible nature and to match the needs of the business, key owners, founders, management or investors.
We also offer a flexible, practical, discreet approach to change management issues and disputes that arise between disaffected partners, teams, investors and committees. We specialise in LLP problem solving, trouble shooting and disputes of all kinds in all forums, based on a strong track record and depth of insight and experience of such settlements.
Work in this field is characterised by the need to understand not only the unique legal issues but the practical challenges facing those in partnerships. We don't impose a distinction between corporate and private interests, or between individual and team interests, and understand that in LLPs they often overlap. Clients tell us that they value our recognition, not only of the commercial focus of the business, but of the impact commercial life has on the private lives of those involved.