Limited Liability
Partnership (LLP) Agreement - All you Need to Know
What is an LLP agreement?
An LLP agreement is a written contract between partners of a Limited Liability Partnership (LLP) that outlines their mutual rights, duties, and responsibilities, as well as their roles within the LLP
Why is an LLP agreement important?
An LLP agreement is essential for establishing the framework of operations within the LLP, clarifying the roles and obligations of partners, and providing guidance on critical decisions such as admitting new partners or resolving disputes
What are some key clauses in an LLP agreement?
Key clauses in an LLP agreement include provisions related to designated partners, the LLP's name and registered office, the nature of business, capital contributions, profit sharing ratios, rights and duties of partners, admission and retirement of partners, and terms of winding up
Where can I get assistance with drafting an LLP agreement?
For expert guidance on drafting an LLP agreement or setting up an LLP, you can reach out to CompaniesNext for comprehensive support and solutions tailored to your needs
How is an LLP agreement executed?
To execute an LLP agreement, partners must draft the agreement with requisite clauses, sign it, have witnesses sign the document, get it notarized by a Notary Public, file a copy with the Registrar of Companies (RoC) within 30 days of incorporation, and keep a copy for each partner
Can an LLP agreement be altered?
Yes, an LLP agreement can be altered through supplementary agreements submitted to the Registrar of Companies (RoC) These alterations should be made with careful consideration and must reflect the common goals and operational processes of the LLP
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