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LLP Partnership Agreement Template

LLP Partnership Agreement Template 2025

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This Limited Liability Partnership (LLP) Agreement outlines the formation, governance, and operational procedures of an LLP among its Partners. It defines key terms, establishes rights and obligations of Partners, details capital contributions and profit/loss distribution, and sets forth management structures and decision-making processes. The Agreement also includes provisions for dispute resolution, amendments, and transfer of interests among Partners, ensuring compliance with applicable laws.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Do LLPs need a partnership agreement?

Its not a legal requirement to enter into a limited liability partnership agreement. An LLP can be set up without one. However, its a very common and generally sound recommendation that a new LLP puts a partnership agreement in place.

Is an LLP agreement mandatory?

LLP Act, 2008 provides great operational flexibility. In many cases, provisions as contained in LLP Agreement prevail. LLP Agreement is comparable with Articles of Association under Companies. Such agreement is not mandatory but highly advisable.

How to draft an LLP agreement?

Format of a LLP Agreement Name and Address of the LLP: Name and Address of Partners: Capital Contribution: Profit and Loss Sharing: Management of Partners: Rights and Duties of Partners: Extent of Liability of the LLP: Dispute Resolution:

Does an LLP have to have an LLP agreement?

It is not essential for members of an LLP to have a members agreement, but without one, you will be obliged to abide by the default provisions as set out in the Limited Liability Partnerships Regulations 2001. This default constitution contains directives such as: All members have an equal right to manage the business.

Are LLPs partnerships?

A limited liability partnership (LLP) is a partnership in which some or all of the partners have limited liability. An LLP is the partnership form of a limited liability company (LLC) and has aspects of both partnerships and corporations.

Is it necessary to have a partnership agreement?

A partnership can be an effective way of running a small to medium sized business. A business partnership without a formal partnership agreement is governed by the Partnership Act 1890 which, due to its age, does not always cater well for modern business practices.

What is included in the LLP agreement?

Typically, an LLP agreement will cover the following areas: Names of all partners who have entered into the agreement. Rights, responsibilities, and duties of ordinary members and designated members. Capital investment and non-financial contributions of partners.

LLP Partnership Agreement Template 2025

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