A Partnership Deed For LLP is a crucial document required when establishing a Limited Liability Partnership in India. It must comply with the Limited Liability Partnership Act, 2008, and associated rules, serving as the founding document that governs the relationship between partners and the LLP's operations. This document is essential when two or more partners wish to form an LLP, combining the flexibility of a partnership with the limited liability protection of a company. It contains detailed provisions about capital contributions, profit sharing, management rights, partner obligations, decision-making processes, and dispute resolution mechanisms. The deed must be properly executed and filed with the Registrar of Companies, making it a vital document for both regulatory compliance and internal governance.
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1. Parties: Details of all designated partners and partners, including names, addresses, and DIN numbers
2. Background: Brief history leading to the formation of the LLP and the intention of the parties
3. Definitions: Definitions of key terms used throughout the deed
4. Name and Business: LLP name, registered office address, and nature of business
5. Capital Contribution: Details of initial and subsequent capital contributions by partners
6. Rights, Duties and Obligations of Partners: Comprehensive outline of partners' responsibilities and rights
7. Management Structure: Management hierarchy, decision-making process, and voting rights
8. Meetings: Procedures for partner meetings, notice periods, and voting mechanisms
9. Profit Sharing and Drawings: Formula for profit/loss distribution and partners' drawing rights
10. Books of Accounts: Accounting procedures, financial year, and audit requirements
11. Bank Accounts: Banking arrangements and operation of accounts
12. Admission of New Partners: Process and terms for admitting new partners
13. Retirement and Resignation: Procedures for partner retirement or resignation
14. Death and Incapacity: Consequences and procedures in case of death or incapacity of partners
15. Expulsion: Grounds and process for expulsion of partners
16. Dissolution: Circumstances and procedures for LLP dissolution
17. Dispute Resolution: Mechanism for resolving disputes between partners
18. Governing Law: Applicable laws and jurisdiction
19. Notices: Communication procedures between partners and the LLP
1. Non-Compete and Non-Solicitation: Restrictions on partners' competitive activities, used when intellectual property or client relationships are crucial
2. Intellectual Property Rights: Ownership and usage of IP, important for technology or creative businesses
3. Foreign Investment Compliance: Special provisions for LLPs with foreign partners or investments
4. Digital Operations: Provisions for digital record-keeping and online business operations
5. Corporate Social Responsibility: CSR policies and commitments, relevant for larger LLPs
6. Branch Offices: Provisions for establishing and managing branch offices
7. Professional Indemnity: Important for professional service LLPs like law or accounting firms
8. Succession Planning: Detailed succession arrangements for family-owned LLPs
1. Schedule A - Capital Contributions: Detailed breakdown of each partner's capital contribution
2. Schedule B - Profit Sharing Ratio: Specific percentages or formulas for profit/loss sharing
3. Schedule C - Designated Partners: List of designated partners with their specific roles and responsibilities
4. Schedule D - Business Plan: Initial business plan and objectives of the LLP
5. Schedule E - Assets and Liabilities: List of assets and liabilities brought into the LLP
6. Schedule F - Management Responsibilities: Detailed allocation of management duties
7. Appendix 1 - Board Resolution Templates: Standard formats for common board resolutions
8. Appendix 2 - Meeting Procedures: Detailed procedures for conducting various types of meetings
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