Three Parties Limited Liability Partnership Agreement (a LLP) provides a basic Partnership framework to impose loose / light obligations on the Members.
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 amount of profits and losses in respect of any Accounting Period shall be determined from the Accounts of the LLP. All profits and losses of the LLP for any Accounting Period shall be allocated to the Members in proportion to their Percentage Shares, unless the Members agree otherwise.
All profits and losses allocated under clause 6.1 shall be respectively credited or debited to the Members' current accounts.
Any cash available to the LLP which the LLP Board determines is surplus to the requirements of the LLP shall, at the request of any Member, be distributed to P1, P2 and P3 in accordance with their respective Percentage Shares.
The LLP shall on the taking of the annual accounts provided for reserve out of profits before distribution:
• any amounts of Tax estimated by the Auditors to be payable by Members during the next following Accounting Year and each Member shall be charged with his due proportion of such Tax; and
• such amount as the Members shall determine in order to provide further working capital for the Business.
This Agreement should be carefully read by the undersigning individuals. This Agreement should be signed and witnessed to complete the formality.
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