LLPs and Partnerships

This month we have updated and added to templates in two of our newly created subfolders – Partnerships and Limited Liability Partnerships.

In our Partnerships subfolder we have updated our Deed of Dissolution to refresh one of our older templates so that it better reflects current business practice. This template is for when partners in a business partnership together unanimously decide to cease trading and wind up their business completely. Dissolutions can be triggered for any number of reasons, however putting in place an agreement to ensure an orderly dissolution where proper provision is made to cover the assets and liabilities of the business, will ensure as smooth a winding up process as possible.

We have also added two new Deeds of Variation; one for a general partnership and one for a LLP. These are both simple forms of agreement allowing changes to be made to an original partnership or LLP agreement. The variations can be set out in the deed and save for these, the relevant partnership or LLP agreement continues to operate as is.

This new and updated material will be of interest to all those who are involved in, administer or advise partnerships or LLPs.