Partnership & LLP Disputes - A Guide to Best Practice

Introduction

This virtual classroom seminar will provide those attending with a legal overview, practical strategies, tips and best practice guidance on legal issues arising in the world of partnerships and LLPs.

It will cover partner exits and team moves, categories of LLP members (can they be employees too?), best practice in LLP/partnership agreements, the duty of good faith and top tips and traps in partnership disputes.

We will work through and discuss a series of practical scenarios that arise all too often.

The session will consider the following common scenarios and questions:

• How do we best exit a partner/member? Doing it right and doing it wrong. Navigating the minefield of duties. How do we exit underperforming partners?
• Can a firm forfeit partner profit share for breach of fiduciary duty? How does this work?
• Where are we now on exercising a discretion and making decisions in partnerships and LLPs? How far does the decision in Braganza v BP Shipping Ltd impact?
• Can LLP members be employees? What about people who used to be salaried partners? What does it mean to be a Fixed Share Partner? What is a Salaried Member? How do all the different partner/member statuses work in law?
• We have heard from one of the senior associates that the head of the corporate team is at an advanced stage of organising a team move to take virtually the entire department to one of our key competitors. This could fatally damage the firm - help!
• The majority of us are convinced that merger is the best way forward. Can we force a minority to go through with it?
• How can I avoid partnership disputes in the first place by thinking through LLP/partnership agreements?

What You Will Learn

This live and interactive course will cover the following:

• An overview of partnerships and LLPs (the fundamentals)
• Status of members - employees and members (and why it matters)
• Expelling and compulsorily retiring partners/members
• Team moves
• LLP/partnership agreements - best practice from a litigator's perspective
• Top tips and traps on litigating partnership and LLP disputes

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.