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Partnership Structures

At Franklin Underwood we have a great deal of experience with partnerships, specialising in forming effective Corporate Partnerships and Limited Liability Partnerships (LLP’s) for many of our clients, allowing them to experience great tax savings, limited liability and flexibility for their business.

One of the key elements of the Corporate Partnership structure is that it gives the individuals involved limited liability in the event of a claim in excess of their Professional Indemnity Insurance.

Our Corporate Partnerships are very flexible, allowing new partners to be integrated into the structure easily, and allowing retiring partners to leave. The structure can be set up for all sizes of firm, with any number of partners. We currently have structures in place for 2 partner firms, as well as 25 partner firms – although it can be easily adapted so we could arrange a structure for firms in excess of 50 partners.

Our structure is particularly suited to those in the legal profession, with full compliance with Law Society and Solicitors Regulation Authority rules.

We believe we are complying with fundamental taxation principles and as such we do not believe this could be subject to change by HMRC, without major changes to taxation law.

We have been advising our clients to adopt this Corporate Partnership structure for over 10 years, and during this time many of our clients have had their accounts looked into by HMRC, with no recommendations for change.

We have developed unique software and procedures over many years to ensure the smooth preparation and submission of all necessary documents, so you can rest assured that all the HMRC and Companies House requirements are taken care of by the staff at Franklin Underwood and all submissions will be made on time and monitored closely.