Covenants

Capital retention woes

Capital retention woes

ByPeter Garry

“… Possession being nine-tenths of the law, a partner/member in this position may have to sue to recover his capital …” A worrying trend has been emerging.  It has become much more common for partners and LLP members leaving professional practices to have difficulty extracting their capital. Typically professional practice governing agreements provide for capital…

The 10 most important partnership or LLP deed clauses

The 10 most important partnership or LLP deed clauses

ByPeter Garry

…Recessions bring out the worst in people… A recession has a way of exposing weaknesses in legal drafting. As practices try to respond to the economic climate, management teams consult the fine print of their partnership deed or LLP members’ agreement, and may find it wanting. This article describes and explains the importance of a…