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A partnership can be an effective and efficient structure, but it is important to assess whether it is right for your business, which kind of partnership works best for your organisation and the ongoing requirements. In addition, disputes between partners in a business partnership are becoming more common and can prove difficult for all involved unless there is a quick and effective resolution.

How can Thorntons help?

At Thorntons, our team can help you assess whether or not a partnership is right for your business and offer advice on the creation of partnerships of all types, including limited partnerships and partnerships featuring corporate partners. We can also help with the ongoing requirements and on matters such as partnership dissolution and disputes.

We have significant experience in this area and advise on partnerships in many different sectors, including farming, in conjunction with our Land & Rural Business team, and specialise in advice to dentist, GP and vet practices.

We can assist professional practices in moving to a Limited Liability Partnership (LLP) structure, which offers their partners the same limited liability protection afforded to company shareholders. We also have significant experience in the use of Limited Partnerships to hold investments and can advise on the transfer of rights in such partnerships.

Our team can provide expert guidance and assistance on the ongoing filing, regulatory and governance requirements applicable to partnerships and LLPs, as well as business restructures, exit strategies and dissolution. We can also help in the acquisition or disposal of existing partnerships to other entities.

With disputes between partners, we can provide balanced and pragmatic advice to help move to an effective solution.

We can draw on a full range of specialist expertise from across Thorntons, such as commercial property, private client and employment, in order to help our partnership clients and answer their business needs.