The Limited Liability Partnership Agreement is essential for professional firms in Hong Kong seeking to operate as a partnership while maintaining limited liability protection for their partners. While Hong Kong doesn't have dedicated LLP legislation, this agreement creates a contractual framework that provides partnership benefits alongside liability protection. It's particularly suitable for professional service firms, including legal practices, accounting firms, and consulting businesses. The document comprehensively covers partnership formation, capital structure, profit sharing, management rights, partner obligations, and exit provisions. It includes specific provisions addressing Hong Kong regulatory requirements, business registration obligations, and professional conduct standards. This agreement is crucial for establishing clear governance structures and risk management frameworks while maintaining professional service delivery standards.
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1. Parties: Identification of all founding partners and the partnership entity
2. Background: Context of the partnership formation and its intended purpose
3. Definitions: Key terms used throughout the agreement
4. Partnership Formation: Establishment of the partnership, business name, and commencement date
5. Nature of Business: Scope and objectives of the partnership business
6. Capital Contributions: Initial and ongoing capital contributions requirements
7. Partnership Interests: Partners' ownership percentages and voting rights
8. Profit and Loss Allocation: Distribution of profits and losses among partners
9. Management Structure: Management rights, voting procedures, and decision-making processes
10. Limitation of Liability: Provisions defining the limited liability nature of the partnership
11. Partner Duties and Obligations: Responsibilities, fiduciary duties, and non-compete obligations
12. Meetings and Resolutions: Procedures for partner meetings and decision-making
13. Financial Management: Banking, accounting practices, and financial reporting requirements
14. Admission of New Partners: Process and conditions for admitting new partners
15. Withdrawal and Retirement: Procedures for partner withdrawal or retirement
16. Dissolution and Winding Up: Circumstances and procedures for partnership dissolution
17. Governing Law: Specification of Hong Kong law as governing law
18. Dispute Resolution: Procedures for resolving disputes between partners
1. Intellectual Property Rights: Required for partnerships dealing with IP assets or creative services
2. Professional Indemnity: Necessary for professional service partnerships
3. International Operations: Required for partnerships operating across multiple jurisdictions
4. Regulatory Compliance: For partnerships in regulated industries
5. Good Faith and Fair Dealing: Additional ethical obligations beyond statutory requirements
6. Force Majeure: Provisions for unforeseen circumstances affecting partnership operations
7. Environmental Compliance: For partnerships in industries with environmental impact
8. Data Protection: Required for partnerships handling personal or sensitive data
1. Schedule 1: Partner Details: Detailed information about each partner including contact details and professional qualifications
2. Schedule 2: Capital Contributions: Detailed breakdown of initial and committed capital contributions
3. Schedule 3: Profit Sharing Ratios: Detailed allocation of profit and loss sharing arrangements
4. Schedule 4: Management Structure: Organizational chart and management responsibilities
5. Schedule 5: Business Plan: Initial business plan and strategic objectives
6. Schedule 6: Insurance Requirements: Required insurance coverage and minimum limits
7. Appendix A: Partnership Policies: Internal policies and procedures
8. Appendix B: Professional Standards: Professional conduct and service standards
Relevant legal definitions
Clauses
Relevant Industries
Legal Services
Accounting and Audit
Management Consulting
Architecture
Engineering
Medical Practices
Financial Services
Real Estate Services
Tax Advisory
Business Consulting
Relevant Teams
Legal
Finance
Compliance
Risk Management
Operations
Professional Standards
Business Development
Administrative Support
Corporate Governance
Human Resources
Relevant Roles
Managing Partner
Senior Partner
Partner
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Legal Counsel
Compliance Officer
Risk Manager
Professional Practice Manager
Partnership Secretary
Business Development Director
Operations Manager
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