We advised the partners of a very successful electrical contracting business on their conversion from a traditional partnership into a Limited Liability Partnership. The partners had a very basic partnership agreement in place but were looking to plan for the future by incentivising the younger partners and cater for the retirement of the senior partners. We discussed the factors both legal and practical involved in such a conversion and worked with the partners to come up with a Limited Liability Partnership Agreement that accurately reflected their wishes. We also dealt with the transfer of the partnership assets to the new LLP.
We work with many farming partnerships to ensure effective succession planning. This has involved working alongside agricultural tax advisors to help the clients decide on the most tax efficient way of structuring the partnership and its business and assets.
We were approached by a large GP practice looking for advice on the introduction of new partners to the practice and the retirement of senior partners. We listened to the clients and agreed a way forward culminating in a new Partnership Agreement dealing with, amongst other things, the repayment of capital and profit accounts to retiring partners.