Limited Liability Partnership Act 2008, even-though not mandating creation of LLP Agreement., the rules and other related provision make it mandatory to create LLP Agreement after incorporation of an LLP. The rules says, within 30 days of incorporation, every LLP shall file LLP Agreement with registrar of companies.
LLP Agreement is an agreement between partners of LLP or between LLP and its partners. It is also possible to have multiple LLP Agreement among partners and /or LLP. The law mandate to file such agreement with registrar within 30 days of creation of agreement.
Since, it is an inter see agreement among partners and /or LLP it cover the management aspect of LLP like when partners meeting happen, who can call a partners meeting, whether any particular partner have specific power in respect of management etc.
LLP Agreement speck about each partners contribution to the capital of the LLP, how profit and loss of the LLP shared among partners. LLP is a more flexible business structure, partners can decide the method of profit share and it need not be in the ration of contribution.
Day to day operation, delegation of power, bank operation etc are also covered in this agreement
This Agreement is designed to meet majority of LLP business forms incorporated in India. All decision of LLP are taken by partners collectively except by meeting resolution delegated to one or more partners
Bank operation is also regulated by partners decision. This is usually by a written consent of partners.
We have ensured more protection of partners. All dispute shall be by arbitration. Removal of a partner in the LLP shall only possible without completing arbitration and award from the arbitrator
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All decisions of the LLP shall be taken by consent of all partners.
Partners profit share based on the contribution. This can be amended
Partner removal is subject to arbitration
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