How often do you read your LLP Agreement? When was it last reviewed and updated? If it was more than two years ago or if your business, structure or partnership has undergone significant changes since the last review and update, this questionnaire can help you to check that your LLP Agreement:
- Reflects changes in the LLP’s strategy, structure, governance and working practices
- Enables the LLP to be competitive and attractive to current and incoming members by aligning with current market practice
- Protects the LLP from legal and operational risks
- Complies with changes in law and regulations
At the end of this questionnaire, you will be provided with a bespoke traffic light risk report, containing explanatory high-level commentary about potential risks, considerations and options that may be available to you, in relation to your LLP Agreement.
The traffic light system is categorised as follows:
|
Red – High Risk. Proceed with caution and it is strongly recommended to reconsider your position. |
|
Yellow – Medium Risk. Careful consideration is recommended. |
|
Green – Low Risk. Your agreement contains the common provisions required to deal with current legal risks and management issues. |
If you would like our partnership law experts to carry out a full review of your LLP Agreement or if you would like to discuss the options for your LLP Agreement in detail, please contact us here.