Agreement to transfer a general partnership to a limited liability partnership
What's an agreement to transfer a general partnership to a limited liability partnership and when do you need it?
This document caters for the conversion of a partnership's business and its transfer to a registered, limited liability partnership formed by the partners for the purpose.
It assumes that the members (partners of an LLP are called ‘members’ and not partners), will be the original partners (i.e. that all partners from the general partnership go into the LLP) and there are no new members at this point. All members needn’t be treated equally. Different partners may have partnership stakes that would be converted to different proportions of ownership in the LLP that is created. Founder partners may take larger ownership stakes in the LLP than new members who join later.
It’s worth getting some expert help with this process as there’s a fair bit of paperwork and regulation to get right here.