The Professional Limited Liability Company Operating Agreement is essential for professional service providers establishing an LLP structure in England and Wales. This document becomes necessary when two or more professionals wish to form a practice together while benefiting from limited liability protection and maintaining professional standards. It includes crucial provisions for governance, capital contributions, profit sharing, professional requirements, and member obligations. The agreement must comply with the Limited Liability Partnerships Act 2000 and relevant professional body regulations while providing a clear framework for business operations and member relationships.
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1. Parties: Identification and details of all members of the LLP
2. Background: Context and purpose of establishing the professional LLP
3. Definitions: Key terms used throughout the agreement
4. Business of the LLP: Description of professional services provided and scope of business
5. Capital Contributions: Details of members' initial and ongoing capital contributions
6. Management Structure: Governance framework and decision-making processes
7. Profit and Loss Sharing: Distribution of profits and allocation of losses
8. Professional Standards: Requirements for maintaining professional qualifications and standards
1. Intellectual Property Rights: IP ownership and protection provisions (used when IP is significant to the business)
2. International Practice: Provisions for international operations (used for firms operating across jurisdictions)
3. Succession Planning: Provisions for future leadership transition (used for established firms planning long-term continuity)
1. Schedule 1 - Member Details: Complete information about all members including qualifications
2. Schedule 2 - Capital Contributions Schedule: Detailed breakdown of members' capital contributions
3. Schedule 3 - Professional Indemnity Insurance: Insurance details and coverage requirements
4. Schedule 4 - Profit Sharing Formula: Detailed calculation method for profit distribution
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