Five Parties Limited Liability Partnership Agreement (a LLP) will be established under local law. It provides a basic Partnership framework only. This agreement is drafted to impose loose / light obligations on the Members.
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].
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.
Where authorised by or in accordance with arrangements and procedures approved by the LLP Board, a Member is entitled to be reimbursed by the LLP for costs and expenses incurred by the Member in the due performance of its obligations as a Member in the LLP; such reimbursement to be in accordance with and subject to arrangements and procedures approved by the LLP Board.
The Auditors of the LLP shall be [AUDITOR]. The Accounting Period of the LLP shall end on the last day of the Accounting Period in each year.
The LLP Board is responsible for maintaining proper accounting records for the LLP. The records will be available for inspection by any Member during normal business hours and upon reasonable notice. The accounts shall be signed and delivered by the Designated Members.
The LLP Board is responsible for arranging the preparation of a balance sheet, profit and loss account, and a statement of source and application of funds relating to the LLP as at the end of and for each Accounting Period in accordance with generally accepted accounting standards and principles in the [TERRITORY]. The Accounts shall be audited by the Auditors.
limited liability partnership,