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Partnerships and Partnership Agreement Forms
A Partnership is a way of forming a business
between two or more people. In essence, the partners agree to work
together in the business and share the profits between them.
There are two main types: a traditional Partnership
and the more recently introduced "Limited
Liability Partnership" or "LLP." An LLP has to
be registered with Companies House.
In a traditional partnership, if the business
makes losses or is successfully sued, the individual partners are
liable, this includes their personal possessions, homes, money etc.
An LLP has limited liability, so is much safer for the partners,
as they are not personally liable for any losses.
On the other hand, an LLP requires:
- registration (£95) at Companies House
- more strict (but not particularly difficult) administration to meet Companies House rules
- annual publication of accounts.
In general, the LLP seems a better option
for most businesses unless you are particularly confident about
the risks (of losses or claims) of a traditional partnership or
have reservations about revealing your accounts to the public (where
your customers and competitors can inspect them).
We supply forms for either type of partnership:
a traditional Partnership Agreement
or a LLP Agreements.
If you are looking for a "partnership"
between businesses, then maybe you really want our Joint
Venture Agreement.
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