Types of Partnership
Most partnerships are ‘at will' and therefore continue until dissolved by one of the partners giving notice. Partnerships like this are formed and governed by the Partnership Act 1890 and provide unlimited liability to each partner.
A new form of partnership, used commonly by professional organisations, is a hybrid partnership known as a limited liability partnership (LLP). As the name suggests it provides the partners with some form of limited liability and like a company is regarded as a separate legal entity. Therefore, a LLP unlike the common forms of partnership are formed by registration and are regulated by Companies House.
Another less common form of partnership is a partnership under the Limited Partnerships Act 1907. These forms of partnership are mainly used in joint ventures by venture capitalists.
Here at Ashton Morton Slack we have the expertise available to advise you how best to form a partnership and the type of partnership beneficial to your business together with being able to provide you with the documents required to set up a partnership.
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