Partnerships and LLPs
Partnerships and LLPs are an alternative to a limited company. Partnerships are a more informal arrangement and are created when two people agree to work together “with a view to profit”.
There does not need to be any type of written agreement for a partnership to be formed, though it is recommended that document governing any type of partnership arrangement is produced.
A partnership does not have a separate legal personality, unlike a limited company. There is therefore a risk to the individual partners involved, whose personal assets may have to be used to pay any debts of the partnership.
A Limited Liability Partnership (LLP) is a more formalised version of a partnership, with the added protection of limited liability. This means that partners are not personally liable for the debts of the partnership. There are more formalities involved in incorporating an LLP, as they are registered with Companies House. This also means that some details about the LLP are publicly available.
Quick links
Sign up
Enter your email address for legal updates on Corporate and Commercial law.
Related services
Partnerships and LLPs Team
- All departments
- Agricultural Law
- Brexit
- Careers
- Co Co - Employee Share Schemes
- Co Co - Recovery & Insolvency
- Co Co - Restructuring
- Co Co Corporate Governance
- Co Co Corporate lending
- Co Co Financial Services
- Co Co Franchising
- Co Co GDPR
- Co Co in-house legal support
- Co Co International Contracts
- Co Co M&A's
- Co Co MBOs & MBIs
- Co Co Partnership and LLPs
- Co Co Regulatory, Compliance & Competition
- Co Co Shareholders Agreements
- Co Co Terms and Conditions
- Co Co- Intellectual Property
- CoCo - Banking and Finance
- CoCo - New Businsess
- CoCo Competition Law
- CoCo Consumer Law
- CoCo Data Protection - Marketing
- CoCo Data, IT & Technology
- Commercial Law
- Commercial Property
- Construction
- Corporate & Commercial
- Corporate Law
- Debt Recovery
- Dispute Resolution
- Disputes - Business
- Disputes - Declarations of trust
- Disputes - Probate and inheritance
- Disputes - Professional negligence
- Disputes - Restrictive Covenants
- Disputes - Shareholders & Partnership
- Disputes - Tenants in Residential Property
- Disputes - Wills, trusts & probate disputes
- Disputes and Small Claims
- Disputes Construction
- Disputes with Co-owners
- Divorce
- Employee - Termination
- Employer - Termination
- Employment
- Employment - Business protection
- Employment - Collective consultations
- Employment - Contracts, services, consultancy
- Employment - Employee benefits
- Employment - Employee Procedures
- Employment - Equality, discrimination and harassment
- Employment - Family Friendly Rights
- Employment - GDPR and Data Protection
- Employment - Post employment obligations
- Employment - Redundancy & Reorganisation
- Employment - Settlement Agreements
- Employment - Tribunal Claims
- Employment - TUPE
- Employment - Wages, holiday and sick pay
- Employment - Workers rights
- Employment Tribunal claims
- Estate Administration
- Expat Legal Services
- Family Law
- Financial Services
- GDPR
- Help to Buy
- Immigration law
- International Legal Services
- Key Property Contacts
- Land and Property Disputes
- Land, development and construction
- Lasting Powers of Attorney
- Leasehold
- Licensing Law
- Money, Tax and Inheritance
- New Build Conveyancing
- Private Wealth and Inheritance
- Professional Negligence
- Property Finance
- Property Law
- Residential Property
- Residential Property - Completions
- Residential Property - Shared Ownership
- Trainee Solicitor
- Wills, Trusts & Probate
Latest news & insights
Benefits of vesting charity land in the Official Custodian
There are multiple ways for a charity to own a property, depending on how the charity is constituted, such as individuals acting as trustees
Responsible Persons in the cosmetics industry: a post Brexit review
Amendments were made by the Product Safety and Metrology Regulations 2019 to the regulations about ‘Responsible Persons’.
UK consumer duty – what’s the plan and is yours ready?
On the 25th January 2023, the FCA announced that they had reviewed a sample of Consumer Duty implementation plans from the largest financial services providers
Camberley
Building 2 Watchmoor Park, Riverside Way, Camberley, Surrey GU15 3YL
+44 (0)1276 686 222
Reading (Appointment only)
The Abbey, Abbey Gardens, Abbey Street, Reading RG1 3BA
+44 (0)1276 686 222
Ascot (Appointment only)
102, Berkshire House, 39-51 High Street, Ascot, Berkshire SL5 7HY
+44 (0)1344 623388
London (Appointment only)
60 St Martins Lane, Covent Garden, London WC2N 4JS
+44 (0)203 326 0317
Our Services
Corporate Lawyers
Commercial Lawyers
Commercial Property Lawyers
Conveyancing Solicitors
Dispute Resolution Lawyers
Divorce & Family Lawyers
Employment Lawyers
Immigration Law Services
Private Wealth & Inheritance Lawyers
Startups & New Business Lawyers
© 2022 Herrington Carmichael LLP. Registered in England and Wales company number OC322293.
Herrington Carmichael is authorised and regulated by the Solicitors Regulation Authority with registration number 446245.
Privacy Policy | Legal Notices, T&Cs, Complaints Resolution | Cookies
Client Feedback | Diversity Data