Commentary

96 The statutory contract under the Companies Act 2006

BUSINESSES vol 4(2) start-up, sale and purchase

96 The statutory contract under the Companies Act 2006

4: LIMITED LIABILITY COMPANIES

(a) Relationship between the shareholders’ agreement and the companies regime

96 The statutory contract under the Companies Act 2006

Both a general partnership and a limited liability partnership benefit from operating against the background of a default code contained in legislation1. One of the most advantageous things about a default code is that it applies unless the parties agree something else. Its purpose (and advantage) is to make provision in case the parties fail to do so. This agreement may be either express or implied but, as it causes much less uncertainty to have a written record of

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