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To start a business in the UK, you will need to choose a business structure, register your business, get a business bank account, draw up contracts, and comply with regulations.

LLP Agreement (Limited Liability Partnerships)

This document is a standard agreement for a limited liability partnership (LLP). It covers topics such as profit sharing, admitting new members, managing and making decisions, retirement and expulsion from the LLP, and the entitlements and obligations of outgoing members.

What to watch out for

  • The agreement should cover profit sharing, admission of new members, management and decision making, retirement and expulsion from the LLP, and entitlement and obligations of outgoing members.
  • The agreement should be clear about the roles and responsibilities of each member of the LLP.
  • The agreement should set out how decisions will be made within the LLP, and how disputes will be resolved.
  • The agreement should provide for regular review and update, in order to ensure that it remains relevant and up
  • to
  • date.
  • Contract template sketch

    Relevant Contract Types

    πŸ‘« Limited liability partnership agreement

    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.

    πŸ’Ά Articles of association

    A company's articles of association are its constitutional documents. They set out the rules governing the internal management of the company, and the rights and duties of its members. The articles are binding on all members of the company, and cannot be changed without the consent of all members.

    βœ’οΈ Limited partnership agreement

    A limited partnership agreement is a contract between two or more people who agree to form a limited partnership. The agreement sets forth the nature of the business, the roles of the partners, and the rights and responsibilities of each partner. The agreement also establishes the limits on the liability of each partner.

    πŸ“œ Founder Agreement

    A founder agreement is a contract between the founders of a company that outlines their roles, responsibilities, and ownership percentages in the company. The agreement also includes provisions for what happens if a founder leaves the company, such as vesting schedules for their stock.

    πŸ“‘ Board minutes

    A board minutes is a document that covers the minutes of a board meeting. It includes the date, time, and location of the meeting, as well as the names of the board members present. The minutes also include a summary of the topics discussed and any decisions made.

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    Rafie Faruq
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