LLP Agreement is a contract governing the obligations and rights of the members of LLP.
It creates the foundation for the smooth running of LLP.
We would assist you in preparing your Legal Document drafted by Professionals.
Snapshot on LLP Agreement
It is a body corporate created by law. As per the LLP law, any two persons can incorporate an LLP by subscribing to the incorporation documents. Once an LLP is formed, the rights and duties of partners are governed by Schedule I of the LLP Act, unless the LLP's partners or the LLP and partners create an LLP agreement.
Things to know on LLP Agreement
LLP is a combination of the benefits of a company & flexiblity of Partnership Firm.
It is a seperate legal entity and hence is capable of entering into contracts in its own name.
It can continue its existence irrespective of changes in partners.
Mutual rights and duties are governed by an agreement between the partners or between the partners and the LLP as the case may be, by way of LLP Agreement.
In the absence of LLP agreement, mutual rights and liabilities of partners shall be determined as provided under Schedule I.+
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