If you are setting up a business as a partnership with an individual or another business, the choice of vehicle will have an impact on your liabilities and obligations going forward. We can advise you on the various options available to you and what they will mean in terms of your ongoing obligations. We will negotiate the agreement on your behalf, seeking to strike a balance between protecting your interests and achieving a viable solution for your business.

A Partnership can be formed in the traditional partnership model or in the form of a Limited Liability Partnership (LLP).

1. Partnership - In this format, all partners are jointly and severally liable for any     debts incurred by the partnership. This means that if the partnership incurred     debts and one partner had no means to pay, any remaining partners would     remain fully responsible for those debts.

2. Limited Liability Partnerships (LLPs) - In these types of partnerships, it     is the partnership itself that is legally responsible for any debts of the     partnership, subject to any personal guarantees signed by the individual     “members” of the LLP (they are not called partners). LLPs are more like a     company in legal structure and, therefore there are more obligations to     comply with.

Which Structure Is Best For Your Business?
It is vital that you choose the right structure to meet your needs. Everys will assess your requirements in full and advise you which model will work best for you. Advice before forming a Partnership or LLP could save you considerable expense as the business matures. Call us on 01404 43431.