An LLP Agreement is a general document which is suitable for use with most LLP’s (Limited Liability Partnerships). As it is a general document you are able to add or remove specific sections to suit the partnerships requirements.
It is a contract made between the members within a LLP company to establish a fair relationship and to protect their investment.
The most common areas included in an agreement are:
- Defining the business of an LLP
- States when and how Member meetings will be conducted and how decisions will be made
- Any Restrictions will be indicated in an LLP Agreement
- How and when new members can be appointed or terminated
- How profits will be distributed
- How the company is to be financed
- How property will be dealt with
- Who will be designated members and who isn’t
- How and when a LLP company may be wound up
Do I need an LLP Agreement?
You are not required to have an agreement, however it is strongly recommended that LLP's enter into an agreement. It will provide clarity and certainty between the members of the partnership. You can amend the agreements to suit the needs of your partnership, having an LLP Agreement ensures that any problems that may occur further down the line are addressed.
How do I receive my LLP Agreement?
Once the LLP has been incorporated you will receive the agreement by email with your Incorporation Documents. You can also opt to have Hard Copies of the Incorporation documents and LLP Agreement at an additional cost.
If you require the LLP Agreement after the partnership has been incorporated, that is no problem you can order this service and we will email you the agreement.
Our LLP Agreement is easy to amend to suit your requirements, in various places text has been inserted where you may need to amend information. You can also delete any information to make the Agreement suitable to you.
To order your agreement, please visit our UK Additional Services.