Limited Liability Partnership Agreement
Fully customisable template of a Limited Liability Partnership Agreement, drafted by a qualified and experienced solicitor. Suitable for a business with 2 or more partners carrying on a business together with the objective of making a profit.
| £24.99 |
If you wish to create a Limited Liability Partnership (LLP) then there are many formalities which must be adhered to in order for the partnership to become a legal business entity. A Limited Liability Partnership Agreement details the terms and conditions under which an LLP will operate.
What is a Limited Liability Partnership?
A Limited Liability Partnership (LLP) is different from a partnership created under the Partnership Act 1890 due to the fact that the partners of the business are not personally liable for the debts that the business is not capable of paying. Each partner is only liable for the amount that they have contributed to the business and will not be liable for any other partner’s misconduct or negligence.
Is a Limited Liability Partnership Agreement essential?
The simple and legal answer is no, it is perfectly acceptable to apply to create an LLP with Companies House without registering a Limited Liability Partnership Agreement. The advantage of this is that the document is not made public however, the major disadvantage of not having a Limited Liability Partnership Agreement is that the company and its members will be required to rely upon generic laws which have been implied from the Limited Liability Partnerships Act 2000 and the Limited Liability Partnerships Regulations 2001. The generic nature of these laws and regulations means that they may not be entirely suitable to the needs of every company.
Under what circumstances should a Limited Liability Partnership Agreement exist?
Whenever a LLP is created a Limited Liability Partnership Agreement should be used. The main benefit for having a Limited Liability Partnership Agreement is that should a dispute arise there will be a written and signed agreement between all parties concerned. The laws and regulations will therefore not need to be implemented and the dispute can be settled on the basis of what was originally agreed. The document is also beneficial because it details the terms and conditions which each partner has agreed upon and so will assist in the effective running of the business.
Having a downloadable template of a Limited Liability Partnership Agreement allows you to save the cost of hiring a solicitor to draft your agreement, whilst still obtaining the same quality, as all our templates are written by qualified and experienced solicitors of business law. Being fully customisable ensures that the agreement will suit all the needs of your business. The template is supplied with explanatory notes and is written in plain English meaning it is easy to understand and use.
| £24.99 |
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