Limited Liability Partnership Agreement

The Limited Liability Partnership Agreement is a legal document that establishes a partnership between four parties (referred to as p1, p2, p3, and p4) for the purpose of conducting a business. The agreement regulates the relationship between the members and the management of the partnership. It includes various clauses and definitions to ensure clarity and understanding. The agreement covers important aspects such as interpretation, commencement, business of the partnership, contributions, further finance, profits and losses, directors and partnership board, executive management, LLP property, undertakings by members, expenses, accounts, budgets and information, indemnities, default, assignments, confidentiality and announcements, termination and deadlock, waivers and amendments, severability, entire agreement, notices, settlement of disputes, governing law, counterparts, and no rights for third parties.

How to use this document?

To use the Limited Liability Partnership Agreement, follow these steps:

1. Review the agreement carefully to understand its terms and conditions.

2. Enter the names and addresses of the four parties involved in the partnership.

3. Determine the initial contributions to the capital of the LLP and credit them to the respective current accounts of each member.

4. Agree on the percentage shares of the members based on their current accounts.

5. Discuss and agree on the funding required for the LLP, both for the current accounting period and any additional funding in the future.

6. Keep proper accounting records and prepare audited accounts for each accounting period.

7. Develop a business plan and budget for each accounting period, and submit them to the LLP board for approval.

8. Delegate day-to-day executive management responsibilities to the chief executive, who will be assisted by other executive managers.

9. Ensure compliance with the restrictions on competing businesses and other undertakings by members.

10. Seek reimbursement for costs and expenses incurred in the performance of LLP obligations.

11. Maintain confidentiality of commercial and technical information related to the LLP and the other members.

12. In case of disputes or disagreements, attempt to resolve them amicably before resorting to legal action.

13. Comply with the laws and regulations of the territory governing the LLP.

14. Keep all parties informed of any changes in name, address, or contact details.

15. Execute the agreement by obtaining the signatures of the authorized representatives of each party.

Please note that this guidance is a summary and should not be considered legal advice. It is recommended to consult with a legal professional for specific guidance related to your situation.