Alistair, Harry and Suki are planning to set up in business as second hand car dealers. They have identified suitable premises, the freehold of which is for sale, and Suki will contribute most of the money to for this and the other expenses required to set up the business. However, she hopes to work for it only in the mornings, as she already has her own car body shop business which she wishes to continue to work for in the afternoons. Harry is a qualified car mechanic. Suki thinks the profit shares should be 60:20:20 in her favour but Alistair thinks they should be 50:25:25 in his favour as he has considerable expertise in sales and will be working full time for the business. Once the business is established, they envisage taking on additional partners or LLP members who can work full time for the business and contribute additional capital so they can purchase the neighbouring premises and buy more cars. They would like the keep the business as informal as possible.
Advise the parties in detail on the implications of
partnership law and
for their plans, and any action they should take now to assist in the future achievement of their plans.
To what extent, if at all, would your advice differ significantly if they planned to utilise a company to run their business?
In Addressing the question, The Tutor advised us to adress the questions A and B seperately and also in A better if we seperate between LLP and Partnership.
As for sources the tutor gave as some Important books other from the LLP and Partnership statutes.. however you can refer to other sources as well, these sources are:
Berry, Partnership and LLP Law, 2010, Wildy, Simmonds & Hill, London
Palmer’s Limited Liability Partnership Law, 2nd edn, 2011, Sweet and Maxwell, London
Birds J et al, Boyle & Birds’ Company Law, 2011, 8th edn, Jordans, BristolThe main legislative provisions that we will refer to are:
The Partnership Act 1890 (“Partnership Act”)
The Limited Partnerships Act 1907 (“Limited Partnerships Act”)
The Limited Liability Partnerships Act 2000 (“LLP Act”)
The Limited Liability Partnerships Regulations 2001 SI 2001/1090 (“LLP Regulations 2001”)
The Limited Liability Partnerships Regulations 2009 SI 2009/1804 (“LLP Regulations 2001”)
The Companies Act 2006 (“CA 2006”)
The Insolvent Partnerships Order 1994 SI 1994/2421 (“IPO”)
The Company Directors Disqualification Act 1986 (“CDDA”)
The Insolvency Act 1986 (“IA 1986”)
Can you please make all the work UK based.
And the work is required to be about 4000-4500 words
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