I have been asked to work with a small startup who say they will offer me a 15% share of their LLP for my expertise. However as far as I am aware an LLP does not have a shareholders agreement and can only have a deed of partnership.
They explain: Me: I seem to remember you saying the company was an LLP? LLP's do not have Shareholders Agreements?
Them: of course LLP's have shareholders agreements...
Me: Pretty sure an LLP doesn't even have shares, one usually draws up a LLP Partnership Agreement
Them: An LLP is a partnership which can have multiple shareholders. The partnership agreement means that both Nicola and I have to be equally weighted partners, that does not mean to say that there cannot be other shareholders.
Can anyone explain further? I am confident they are incorrect and would like to know where I stand!