👫 Limited liability partnership agreement

About this category

A limited liability partnership agreement is a contract between partners that outlines their respective rights and duties, as well as the procedures for dispute resolution. The agreement also establishes the partnership's liability shield, which protects the partners from being held personally liable for the debts and obligations of the partnership.

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👫 Limited liability partnership agreement

templates

LLP Agreement (Limited Liability Partnerships)

The LLP Agreement template is a legal document specifically designed for Limited Liability Partnerships (LLPs) operating under UK law. This comprehensive agreement sets out the terms and conditions that govern the relationship among the partners within an LLP.

Under the UK legal framework, an LLP is a popular business structure that combines the advantages of a partnership and a limited liability company. It provides partners with the flexibility of a partnership while protecting their personal assets through limited liability. This template outlines the rights, responsibilities, and obligations of the partners involved in an LLP, ensuring transparency and safeguarding the interests of all parties.

The LLP Agreement covers various crucial aspects of the partnership, including the nature and purpose of the business, capital contributions by partners, profit sharing and loss allocation mechanisms, decision-making processes, governance rules, partner withdrawal or retirement provisions, dispute resolution mechanisms, and dissolution or winding-up procedures if necessary.

Additionally, the template may include clauses addressing matters such as partner roles and authorities, decision-making thresholds, admission of new partners, non-compete agreements, intellectual property ownership, confidentiality obligations, and legal compliance requirements.

This template serves as a foundational document for LLPs, providing a clear and enforceable framework that sets out the intentions, rights, and obligations of the partners involved. By using this template, partners can customize the agreement to suit their specific needs and tailor it to reflect their unique circumstances.

It is essential to consult legal professionals well-versed in UK partnership law while utilizing this template to ensure compliance with current legislation and to adapt the agreement to any specific requirements or provisions necessary for a particular LLP.
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Associated business activities

Start a new business

There are a few things you will need to do when starting a business in the UK:

1. Choose a business structure - this will determine what legal documents you will need. For example, if you are setting up a limited company, you will need to register with Companies House and file certain documents.

2. Register your business - you will need to register your business with HMRC and other relevant authorities.

3. Get a business bank account - you will need to open a business bank account in order to separate your personal and business finances.

4. Draw up contracts - if you will be working with clients or customers, it is important to have contracts in place. This will protect both parties and ensure that everyone is clear on what is expected.

5. Comply with regulations - there are various regulations that businesses need to comply with in the UK. For example, you will need to have employer's liability insurance if you have employees.