Two Parties Limited Liability Partnership Agreement (an LLP) will be established under local law. It provides a basic Partnership framework between two parties (P1 and P2) and the LLP agreement is drafted in Neutral Form.

It outlines the commencement of the limited liability partnership, the business of the partnership and its effective implementation and the members' respective contributions. Additionally, it describes the financial elements of the agreement, particularly concerns the funding (particularly in circumstances which require further funding), profits and losses, the role of the directors and partnership board of the business, executive management, budgets, indemnities and termination. Finally, it outlines the necessary approach of the parties in situations of dispute resolution.

 

How to use this Document?

This document should be carefully read by the parties within the partnership.

This Limited Liability Partnership agreement (LLP agreement) may be used upon the formation of a two parties LLP, whereby the basic Partnership framework needs to be set out. 

Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.

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.  

How to use the document?

This shareholders' agreement should be carefully read by the partners involved.

All partners should sign and return a copy, and once signed, all parties should get a copy.

To avoid any future disputes, all parties may wish to have their signatures witnessed.

If any of the parties wish to amend the agreement in the future, all parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by all parties.