About this LLP agreement
This document template has been written for a business arrangement where one or more partners manage a business on behalf of others.
It is most likely to be used to set out arrangements for an investment business, such as a venture capital fund or a vehicle for a family-owned company, where the privacy that a LLP gives is sought. However, it could be used in many other circumstances.
This is a full version with many options. It is structured so that you can edit to suit your particular requirements easily.
Example uses of this document
A partnership agreement does not have to refer to a particular type of business. Its purpose is to set out the arrangements between the parties about how they will work, in much the same way as a shareholders’ agreement does for a company. This document is therefore suitable for a businesses in any industry.
It is suitable where:
-
there are regular changes in ownership of partnership shares
-
there is a requirement for greater privacy than is possible using a limited company
-
you want to limit the liability of investor partners by transferring from a conventional partnership
-
the partners’ involvement in the business is varied
-
partners are scattered, maybe working in different office locations
-
the nature of the business is high risk, and there is a requirement to keep safe the personal assets of the partners
Alternative documents
This agreement assumes that just one or a few partners actively manage the business, while most are investors. If you want an LLP to operate a more usual traditional partnership business, with most of the partners working together, look at this LLP agreement.
The law relating to LLPs
The Limited Liability Partnership Act 2000 provides the structural framework for this agreement. Within that framework, you are free to make whatever arrangements you like, subject to normal contract law. This gives you great freedom, which is reflected in the many suggestions given in this agreement.
Contents
- Provisions for an LLP
- Partnership duration
- Information required by the registrar
- Partnership shares and variations
- Who shall be designated partners
- Duties of designated partners
- Property
- Capital
- Shares
- Loans to the partnership
- Banking records and accounts
- Actions for which partnership consent is required
- Management
- Cars
- New intellectual property
- Confidentiality
- Holidays and absence
- Policies
- Restrictions on partners
- Retirement, death or expulsion
- Termination
- Other usual legal provisions
This document was written by a solicitor for Net Lawman. It complies with current English law.
-
"I was really pleased with my recent experience of using Net Lawman. I was able to obtain important legal documents, needed to support my small business. Net Lawman understood my needs and provided fast and efficient service without incurring the significant costs of a traditional law firm. I would both recommend and use Net lawman again"
Shireen Arthur -
"The document was clear to read, easy and quick to use. I will recommend Net Lawman due to ease of usability."
Clive Bonny -
"Makes me wonder why I have spent so much for so long with lawyers who charge £200+ per hour and take ages to make something complex!"
Kevin Jones