LLP Agreement

LLP Agreement


Put your business partnership onto a secure footing with a limited liability partnership agreement (LLP) that limits your liability and sets clear rules for sharing power and profits. This straightforward limited liability partnership is ideal for businesses run by several owner-managers as it combines the flexibility of traditional partnership with the benefits of corporate limited liability. This document deals with the key issues to be agreed between LLP members such as incorporation, finances, ownership, contributions, profits and losses, decision-making, risk management and members leaving.

When to use:

to clarify the partners’ contributions to and their capital shares in the LLP

to set out the partners’ profit shares

to set out how decisions are made

to define what is expected of the partners

only for LLPs registered in England and Wales

What this covers:

who the members are

initial set-up considerations and general administration matters

members’ capital interests and profit shares

members’ duties and entitlements

management and decision-making

risk management

members leaving


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