Intellectual Property considerations

Limited Liability Partnerships (LLPs)

Constitution – the rules which govern how the LLP, and therefore its members will carry out its business will usually be set out in an ‘LLP agreement’ (although an LLP agreement is not a legal requirement, it is advisable to have one).

Structure – the LLP does not have directors and shareholders but has members and designated members (who have extra responsibilities in the LLP agreement).

Separate legal entity – an LLP is also capable of holding and owning its own assets and will be liable for its own debts.

Limited liability – if you set up an LLP, the members of an LLP are not personally liable for the debts of the business. If the LLP cannot pay the debt, the liability of the members is limited to the amount which the members have invested into the LLP.

If you require further information or help on the issues raised above please contact:

Theresa Grech

Partner and Head of Corporate (Cardiff): T: 029 2055 7234 E: TheresaGrech@incegd.com

We also have a dedicated company secretarial service. If you require help in setting up a company, please contact:

Melanie Kincaid

Head of Corporate Support Services: T: 029 2167 2683 E: MelanieKincaid@incegd.com

“Theresa Grech is very able and picks up complex issues very quickly.”