Three 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 and P3 wish to establish a limited liability partnership in [TERRITORY] under the name of [NAME] (the LLP) for the purpose of [BUSINESS].
P1, P2 and P3 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 LLP Board shall delegate responsibility for day-to-day executive management of the Business to the Chief Executive. The Chief Executive shall carry out such responsibilities in accordance with the then current Business Plan and Budget and such policies as shall be laid down by the LLP Board.
The Chief Executive is responsible to the LLP Board and shall be assisted in his duties by the other Executive Managers.
The appointment and terms of reference of the other Executive Managers will be proposed by the Chief Executive but will be subject to the prior approval of the LLP Board.
The Designated Members shall be responsible for the filing of annual return, notification to the Registrar of any changes in membership, address or name of the LLP and the dissolution of the LLP.