The Operating Agreement For Partnership LLC is a crucial document required when establishing a hybrid business entity that combines partnership flexibility with limited liability protection in Pakistan. This agreement is essential for businesses seeking to operate under the dual framework of partnership and LLC structures, particularly when multiple partners are involved in the venture. The document must comply with Pakistani legislation, including the Partnership Act 1932 and Companies Act 2017, while addressing specific requirements for capital contributions, management rights, profit sharing, and decision-making processes. It's particularly relevant for businesses requiring detailed governance structures, clear partner responsibilities, and protection of all parties' interests while maintaining compliance with local regulatory requirements. The agreement serves as the primary internal governing document for the entity's operations and partner relationships.

1. Parties: Identification of all partners/members forming the LLC partnership

2. Background: Context of the partnership formation and business purpose

3. Definitions: Key terms used throughout the agreement

4. Formation and Name: Details of LLC partnership formation, registered name, and business address

5. Business Purpose: Detailed description of the partnership's business activities and objectives

6. Term and Dissolution: Duration of the partnership and conditions for dissolution

7. Capital Contributions: Initial and ongoing capital contributions from each partner

8. Ownership Interests: Distribution of ownership percentages among partners

9. Profit and Loss Allocation: Method of distributing profits and losses among partners

10. Management Structure: Management rights, responsibilities, and decision-making procedures

11. Meetings and Voting: Procedures for partner meetings and voting requirements

12. Books and Records: Requirements for maintaining financial records and partner access rights

13. Transfer of Interests: Rules regarding the transfer of ownership interests

14. Withdrawal and Admission: Procedures for partner withdrawal and admission of new partners

15. Dispute Resolution: Methods for resolving conflicts between partners

16. Governing Law: Specification of Pakistani law as governing law and jurisdiction

17. Amendments: Procedures for modifying the operating agreement

18. Notices: Requirements for formal communications between partners

19. General Provisions: Miscellaneous legal provisions including severability and entire agreement