If the partnership grows or you wish to amend or vary any terms of the partnership agreement, the terms of the agreement can be varied if it is in accordance with the terms of the original partnership agreement by way of a deed of variation.
As partners of a general partnership have unlimited liability and as the business of the partnership grows, it is common for business structures to change. It is possible to convert the business structure of a partnership to for example a limited liability partnership (LLP) or a limited company. The agreement recording this transfer and any ancillary issues such as transfer of employees by virtue of the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) will usually be recorded in a business transfer agreement.
For more information, please contact Gill Vargerson at firstname.lastname@example.org