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 a specific Territory under the name established in the Agreement (the LLP) for a commercial purpose.
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 listed 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.
This document should be carefully read by all the parties.
This LLP Agreement may be used upon the formation of an LLP between four parties, whereby an LLP Agreement shall be used to establish a basic partnership framework.
All parties should sign and return a copy, and once signed, both parties should get a copy. To avoid future disputes, both parties may wish to have their signature witnessed.
Terms and Conditions and rights and liabilities should all be clearly stated in the Partnership Agreement.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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Please get all the parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document. Each party should have a copy of the executed document.
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