Turcan Connell is Scotland’s leading private client practice.
At Turcan Connell, our business law team has significant experience across a broad range of partnership matters in Scotland. Our experience covers:
- Ordinary Partnerships (governed by the Partnerships Act 1890)
- Limited Partnerships
- Limited Liability Partnerships (LLP)
Partnerships We Advise
Our experienced solicitors support a broad range of partnerships, including:
- Financial Institutions
- Professionals/Professional Partnerships
- Farming Partnerships
- Joint Ventures through LLP structures
- Medical and Dental Partnerships (we have advised more than 30 of these types of partnerships in Scotland on their partnership agreements)
- Family Investment Partnerships
How We’ve Helped Partnerships
These are some of the ways in which we have helped our clients:
We advised an elderly mother in a farming partnership dispute with her son. Our client’s son sought to invoke an expulsion clause under the partnership agreement in order to defraud his mother of her partnership capital. We successfully negotiated our client’s orderly exit from the partnership with a substantial payout.
Technical partnership advice around capital accounts and profit shares
We successfully advised our client, a partner in another law firm, on his capital and profit sharing position in the face of a dispute around the over allocation of losses.
Complex Property LLP
We advised a residential property developer on a complex multi-party Limited Liability Partnership for consented land with a value in excess of £50m.
We advised a family on the establishment of a farming partnership for a substantial farm and provided all associated tax advice.
Professional Partnership – Governance
We advised an accounting practice on the adoption of a detailed written Limited Liability Partnership agreement and the incorporation process moving from ordinary partnership to LLP.
Merger of two partnerships to create a new LLP
We advised a professional partnership on its acquisition of a smaller partnership and the incorporation of the combined business into a Limited Liability Partnership.
We advised a partner on her rights in relation to a partnership dispute which was governed by the Partnerships Act 1890 rather than a written partnership agreement. The end result was the forced dissolution of the partnership which then allowed our client to establish her own business as a sole trader.
Heritable Capital Accounts
We advised a group of retiring GPs on the provisions concerning their heritable capital accounts and the potential under allocation of capital profit at the point of their retirement.
Family Investment Partnership
We provided strategic asset protection and succession planning to a wealthy family which involved the implementation of a family investment partnership with all of the associated structuring advice, drafting and tax advice.
Partners Joining Law Firm
We advised a partner group and their team leaving a law firm to join another. We advised on restrictive covenants and on the red flag areas of their new firm’s partnership agreement. We obtained a variation in respect of one of the provisions of the partnership agreement.
Funding to partnership
We advised a bank on its loan to a partnership and the security package it should take as well as the implementation of the security package.
If you would like to discuss a partnership matter with one of our experienced business lawyers, please call us on 0131 228 8111 or complete an enquiry form and a member of the team will call you back.