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Five Parties Limited liability Partnership Agreement (a LLPp) will be established under local law. It provides a basic Partnership framework only. This agreement is drafted in Neutral Form.
P1, P2, P3, P4 and P5 wish to establish a limited liability partnership in [TERRITORY] under the name of [NAME] (the LLP) for the purpose of [BUSINESS].
The Chief Executive is responsible for producing a draft Budget for each Accounting Period and updating the Business Plan. The draft Budget and updated Business Plan shall be submitted to the LLP Board for approval not less than 45 Business Days before the start of the following Accounting Period. In any event, the draft Budget and Business Plan (in each case with such amendments as the LLP Board may agree) shall be adopted by the LLP Board before the start of the relevant Accounting Period.
The Chief Executive shall:
(a) as soon as reasonably practicable after the end of each calendar month, prepare management accounts in accordance with generally accepted accounting standards and principles in the [TERRITORY] and a management report relating to the business of the LLP for that period; and
(b) following any request from any Member, prepare all information relating to the affairs of the LLP as the Member may reasonably require.
Following any request from the other Member, each Member will promptly submit to the LLP Board all information relating to the affairs of the LLP in the possession of that Member and which the requesting Member may reasonably require.
P1, P2, P3, P4 and P5 wish to regulate their relationship as members in the LLP and the management of the LLP in accordance with the terms of this Agreement.
This shareholders' agreement should be carefully read by the partners involved.
All partners should sign and return a copy, and once signed, all parties should get a copy.
To avoid any future disputes, all parties may wish to have their signatures witnessed.
If any of the parties wish to amend the agreement in the future, all parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by all parties.