At Newhaven we assist in the set-up and administration of partnerships used in private client structuring as well as corporate structures. There are two main types:
These can have one or more general partners, who are liable for all debts and obligations of the firm.
Alternatively, there can be one or more limited partners, who contribute capital or property valued at a stated amount. Generally, limited partners are not liable for the debts and obligations of the firm beyond the amount contributed.
Limited Liability Partnership (LLP)
An LLP is an alternative corporate business vehicle that gives the benefits of limited liability but allow members to structure their business as a traditional partnership. The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the members is limited.