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Limited Liability Partnership Agreement One In Charge
Limited liability Partnership Agreement suitable for businesses where one person is in charge. Ready to download immediately and fully customisable so that it can be amended to suit your individual business needs. Drafted by a solicitor who specialised in business law.
| £24.99 |
Business partnerships can take a range of different forms including a Limited Liability Partnership with one person in charge. This type of partnership only differs from a Limited Liability Partnership in the fact that one person is in charge and will hold the responsibility.
What is a Limited Liability Partnership – One in Charge?
A Limited Liability Partnership (LLP) is different from a partnership created under the Partnership Act 1890 due to the fact that the partners of the business are not personally liable for the debts that the business is not capable of paying. Each partner is only liable for the amount that they have contributed to the business and will not be liable for any other partner’s misconduct or negligence. This type of partnership is possible with one person being in charge. The general set up of the business will not change, however, there will be one person in charge who will assume responsibility.
Is a Limited Liability Partnership Agreement essential?
The simple and legal answer is no, it is perfectly acceptable to apply to create an LLP with Companies House without registering a Limited Liability Partnership Agreement. The advantage of this is that the document is not made public however, the major disadvantage of not having a Limited Liability Partnership Agreement is that the company and its members will be required to rely upon generic laws which have been implied from the Limited Liability Partnerships Act 2000 and the Limited Liability Partnerships Regulations 2001. The generic nature of these laws and regulations means that they may not be entirely suitable to the needs of every company.
Under what circumstances should a Limited Liability Partnership Agreement exist?
Whenever a LLP is created a Limited Liability Partnership Agreement should be used. The main benefit for having a Limited Liability Partnership Agreement is that should a dispute arise there will be a written and signed agreement between all parties concerned. The laws and regulations will therefore not need to be implemented and the dispute can be settled on the basis of what was originally agreed. The document is also beneficial because it details the terms and conditions which each partner has agreed upon and so will assist in the effective running of the business.
The downloadable template has been drafted by a solicitor who is qualified and experienced in all aspects of business law. The Agreement is therefore ready to be downloaded and used. Alternatively, the Agreement comes in Word format and is therefore fully customisable, ensuring that every aspect of your business can be incorporated. This saves you both time and money, whilst protecting all partners by detailing the terms and conditions of the partnership.
| £24.99 |
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