The Limited Liability Partnership Agreement is a foundational document required when establishing an LLP in India under the Limited Liability Partnership Act, 2008. This structure combines the flexibility of a partnership with the limited liability protection typically associated with companies. The agreement is essential for businesses seeking to establish a formal partnership structure while protecting individual partners from personal liability for business obligations. It details crucial aspects such as capital contributions, profit sharing, management rights, and operational procedures. The document must comply with Indian regulatory requirements and is particularly suitable for professional services firms, growing businesses, and enterprises requiring a flexible management structure with clear governance guidelines. The agreement serves as both a regulatory compliance document and an operational framework for the business.
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1. Parties: Details of all partners (both individual and corporate) entering into the LLP agreement
2. Background: Context of the LLP formation, business objectives, and any relevant history
3. Definitions: Definitions of key terms used throughout the agreement
4. Formation and Name: Details about LLP formation, registered name, and business commencement
5. Registered Office: Address and details of the LLP's registered office
6. Business Scope: Detailed description of permitted business activities
7. Capital Contribution: Initial capital contributions of each partner and terms for additional contributions
8. Rights and Duties of Partners: Detailed obligations, responsibilities, and rights of all partners
9. Management Structure: Management framework, decision-making process, and partner voting rights
10. Meetings: Procedures for partner meetings, voting, and record-keeping
11. Accounts and Audit: Financial management, accounting practices, and audit requirements
12. Profit and Loss Sharing: Formula and mechanism for distribution of profits and losses
13. Admission of New Partners: Process and conditions for admitting new partners
14. Cessation of Partnership: Conditions and procedures for partner retirement or removal
15. Dissolution: Circumstances and procedures for LLP dissolution
16. Dispute Resolution: Mechanisms for resolving disputes between partners
17. Governing Law: Applicable laws and jurisdiction
18. Notices: Communication procedures between partners and the LLP
1. Intellectual Property Rights: Required when the LLP owns or develops intellectual property, defining ownership and usage rights
2. Non-Competition: Includes restrictions on partners' involvement in competing businesses
3. Foreign Investment Compliance: Necessary when there are foreign partners or investments
4. Digital Operations: Required for LLPs conducting significant online business activities
5. Employee Partnership Program: Include when implementing employee partnership or profit-sharing schemes
6. Branch Operations: Required when the LLP plans to operate multiple branches
7. Insurance: Detailed insurance requirements when operating in high-risk industries
8. Environmental Compliance: Necessary for businesses with environmental impact
9. Confidentiality: Detailed confidentiality obligations when dealing with sensitive information
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 promised capital contributions
3. Schedule 3 - Profit Sharing Ratio: Detailed formula and examples of profit/loss sharing calculations
4. Schedule 4 - Business Plan: Initial business plan and projected financials
5. Schedule 5 - Designated Partners: Specific roles and responsibilities of designated partners
6. Schedule 6 - Management Structure: Detailed organizational structure and reporting relationships
7. Schedule 7 - Intellectual Property: List of intellectual property owned or licensed by the LLP
8. Appendix A - Meeting Procedures: Detailed procedures for conducting partner meetings
9. Appendix B - Compliance Checklist: List of regulatory compliance requirements and deadlines
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Information Technology
Consulting
Manufacturing
Real Estate
Healthcare
Education
Financial Services
Retail
Construction
Media and Entertainment
Agriculture
Logistics
Environmental Services
Research and Development
Relevant Teams
Legal
Finance
Compliance
Corporate Governance
Risk Management
Operations
Business Development
Administrative
Strategy
Executive Leadership
Relevant Roles
Managing Partner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Company Secretary
Compliance Officer
Business Development Manager
Finance Director
Managing Director
Partner
Board Member
Operations Director
Risk Manager
Corporate Lawyer
Professional Partner
Designated Partner
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