A Limited Liability Partnership does not have a memorandum or articles of association or a specified management structure.
In order to avoid potential disputes over the management of the company and the conduct of the members it is important that the members enter into a valid and effective agreement before the LLP is incorporated.
At Morecrofts, our specialist legal advisers recommend that members of all Limited Liability Partnerships should enter into a written partnership agreement at the time of formation. This is a legally binding agreement between the members setting out their rights and obligations during the existence of the partnership and also upon its dissolution.
Alongside administrative details such as the names and addresses of members, the agreement will also detail important factors such as the amount of capital each member will inject into the business and what their individual roles and responsibilities will be in running the business. A well drafted partnership agreement can often avoid serious disputes.
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