Limited Liability Partnership Agreement
This UK Limited Liability Partnership Agreement sets out the how the relationship between the partners is to be governed and includes clauses on profit sharing, decision making and what happens on dissolution.
A UK Limited Liability Partnership is reasonably new trading vehicle and is a cross between a partnership and company (although it is more like a company). Unlike a partnership where partner’s losses can be unlimited, partners’ losses in a LLP are limited to the capital they introduced to the business. In return for this limited liability the LLP’s accounts must be filed at Companies House and therefore be open to public inspection.
There are lots of great tax reasons for using a LLP and you will need to speak to your tax adviser as to whether a LLP is the right vehicle for you.
This agreement sets out the how the relationship between the partners is to be governed and includes clauses on profit sharing, decision making and what happens on dissolution. The agreement also incorporates the legislation governing the management of Limited Liability Partnerships, in particular the requirements for designated members and for reporting annually to Companies House.
Among others, this form includes the following key provisions:
There are lots of great tax reasons for using a LLP and you will need to speak to your tax adviser as to whether a LLP is the right vehicle for you.
This agreement sets out the how the relationship between the partners is to be governed and includes clauses on profit sharing, decision making and what happens on dissolution. The agreement also incorporates the legislation governing the management of Limited Liability Partnerships, in particular the requirements for designated members and for reporting annually to Companies House.
Among others, this form includes the following key provisions:
- Name of Business: Identifies the Name of the business
- Principal Place of Business: Identifies the principal place of business, this identifies the residence of the business for legal purposes
- Capital Contribution: Identifies the amount of capital to be contributed
- Profits and Losses: Describes how profits and losses will be shared among the partners
- Drawings: Describes how the members shall receive monthly draws
- Management: Clarifies the management of the partnership
- Much more: Many more clauses such as meetings, voting, banking, insurance, retirement and even expulsions are included.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
Number of Pages19
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#32251
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.