Our specialist commercial team takes pride in our ability to draft exactly the right Partnership Agreement for your Business. We have extensive experience of trading partnerships and, particularly, family partnerships. Through Whitehead Monckton we also have access to their rural sector specialists who have expertise in farming and rural business partnership agreements and work closely with the rest of the Rural Team on these matters.
Partnerships often work on a more informal basis but a formal written Partnership Agreement can be invaluable when negotiating matters for example with HMRC and providing for future situations. It is vital to have a clear plan to follow at a time when practical matters may be overwhelming, such as the death of a partner, a dispute amongst the partners or the impending dissolution of the agreement.
Like partnerships, limited liability partnerships require the same form of governing documents. For the same reasons, LLP’s need to have a governing document which guides their aims in certain circumstances. It becomes increasingly important when partnerships change and expand and there are a group of partners operating the business.
The effect of tax legislation cannot be ignored when reviewing your business structure. Partnerships and LLP’s can often find that incorporating their businesses into a limited company can be advantageous from a tax perspective. In fact, Whitehead Monckton recently went down the limited company route when we decided to move away from the traditional partnership model. This choice rather than an LLP was mainly driven by the more advantageous tax treatment.
The close links we have with accountants, and ideally your accountants, help to ensure a holistic approach to structures and operations. This can only benefit your business.
Changes to corporate structures can involve a number of other areas, particularly our employment team. They can assist with drawing up suitable new employment contracts as required, plus advise on important areas such as terms and conditions and communication with staff.