A limited liability partnership agreement is a contract between partners that outlines their respective rights and duties, as well as the procedures for dispute resolution. The agreement also establishes the partnership's liability shield, which protects the partners from being held personally liable for the debts and obligations of the partnership.
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Use our legal assistantThere are a few things you will need to do when starting a business in the UK:
1. Choose a business structure - this will determine what legal documents you will need. For example, if you are setting up a limited company, you will need to register with Companies House and file certain documents.
2. Register your business - you will need to register your business with HMRC and other relevant authorities.
3. Get a business bank account - you will need to open a business bank account in order to separate your personal and business finances.
4. Draw up contracts - if you will be working with clients or customers, it is important to have contracts in place. This will protect both parties and ensure that everyone is clear on what is expected.
5. Comply with regulations - there are various regulations that businesses need to comply with in the UK. For example, you will need to have employer's liability insurance if you have employees.