LLP agreement - UK Business Labs

**TechFox** · #1 (**permalink**) 19-10-2009, 09:14 PM

I am intending to set up a LLP with a few friends. I have been advised to have a written agreeement to provent disputes in the future. Can anyone advice me on this?

seanstevens · #2 (**permalink**) 20-10-2009, 05:36 AM

You should check out the CH website or Business Link they are usually helpful in these matters.

**TechFox** · #3 (**permalink**) 20-10-2009, 09:26 AM

Would it be reasonable to agree that for every £1 a member puts into the partnership they get 1 share in the partnership?

**KevJaques** · #4 (**permalink**) 20-10-2009, 12:40 PM

I would construct it so that no one person can have majority otherwise it could become problematic.
Also it might be something of a time or skill dedicated to the partnership other than the monetary aspect, how do you determine that benefit?

**Ray Stewart** · #5 (**permalink**) 24-10-2009, 11:55 PM

Only a good business lawyer will be able to set this up for you - yes, it costs serious money - but when disagreements flair up in the future you will all be able to rely on the partnership deed to explain how things will get sorted and who gets what.

It isn't nice to think about potential problems that disagreements and possibly death may bring in the future when you are just starting out - but time spent now will repay itself many times over later on.