Four Parties Limited Liability Partnership Agreement (a LLP) will be established under local law. It provides a basic Partnership framework only. This agreement is drafted in Neutral Form.
P1, P2, P3 and P4 wish to establish a limited liability partnership in [TERRITORY] under the name of [NAME] (the LLP) for the purpose of [BUSINESS].
P1, P2, P3 and P4 wish to regulate their relationship as members in the LLP and the management of the LLP in accordance with the terms of this Agreement.
The property and assets of the LLP shall be beneficially owned by the Members in the proportions of their respective Percentage Shares and shall comprise of [ASSETS] and all other property (whether tangible or intangible) owned, developed, produced, created or acquired by the Members in the course of the LLP.
Any property of the LLP which is held by one of the Members (or an Affiliate) shall be held by that Member (or Affiliate) on trust for the benefit of the LLP. That Member shall (if required) enter into or procure appropriate declarations of trust in respect of the property.
limited liability partnership,