Partnerships and Limited Companies

Oddly enough this is still governed by the Partnership Act 1890, but in essence the partners are entitled to share in the profits/ losses and capital as they (at the commencement of the partnership) decided – but if there is no written partnership agreement, what did they decide? Partners are also liable personally for the debts of the partnership, however much – unlike limited liability partnerships (LLP’s) created by the Limited Liability Partnership Act 2000, which does give limited liability for debts rather like Limited Companies.

Deciding between the relative pros and cons of any of these vehicles, especially bringing them to an end, requires good legal advice before any steps are taken.