Partnerships and Limited Liability Partnerships

Overview

Our lawyers are highly skilled in all areas of partnership law and a number are members of the Association of Partnership Practitioners. Bridget Barker, the head of the investment management group, is a member of the Association's committee.

Our expertise has historically focused on limited partnerships and their uses in fund structures. However, together with our renowned Private Client department, we are at the forefront of pioneering "family partnerships", an innovative way of using partnerships as wealth management and investment planning vehicles. With trusts now being subjected to an unattractive tax regime, the use of partnerships in wealth management will become increasingly important. The ability to draw on the experience of these two highly-regarded practices - Investment Funds and Private Client - distinguishes us from other firms.

With limited partnerships playing a key role as a vehicle for investment funds and asset management generally, much of our work involves advising clients on limited partnership structures. Whilst English limited partnerships remain at the core of our investment funds practice, we have considerable knowledge and experience of working with limited partnerships across all the principal fund jurisdictions.

A key component of our work is advising on limited liability partnerships (LLPs). We have significant depth of experience in drafting LLP agreements, each of which is bespoke and reflects each client's unique situation. In particular, we advise clients in the financial services industry, including fund managers and corporate finance advisers, on setting up their businesses as LLPs. As well as advising on start-up and spin-out businesses, we have advised numerous clients on LLP conversions - converting their existing business from a company to an LLP.

Recognition

  • "'Excellent - Macfarlanes is a super firm with a first-class team'."

    Chambers UK 2015

  • "The practice at this firm is commended for its 'practical business friendly advice'."

    Chambers UK 2012