About This Document

This Limited Liability Partnership (LLP) Agreement establishes the internal governance rules, rights, and responsibilities of partners in a Limited Liability Partnership. It ensures clarity on ownership, management, profit-sharing, dispute resolution, and dissolution processes, providing essential protection and structure for the partners involved.

Who Should Use This Template

• Professionals forming an LLP for a service business (e.g., law firms, consultancies, agencies)

• Startups seeking equal management participation with limited personal liability

• Partners looking for simple, flexible governance without the formalities of a corporation

• Any two or more individuals or entities launching a venture where partnership structure and asset protection are important

What the Template Includes

• Formation details and purpose of the LLP

• Equal management rights for all partners unless otherwise specified

• Defined roles and responsibilities for each partner

• Procedures for capital contributions, profit and loss allocations, and distributions

• Admission of new partners and withdrawal/removal of existing partners

• Financial reporting and record-keeping standards

• Protection of intellectual property and confidentiality obligations

• Structured dispute resolution procedures (negotiation, mediation, arbitration)

• Clear process for handling death, incapacitation, and transfer of interests

• Dissolution, liquidation, and termination processes

• Editable Word format for flexible customization

Instructions for Completing the Template

• Insert the names of all initial Partners and define their initial capital contributions.

• Confirm the jurisdiction under which the LLP is formed (e.g., Florida, Delaware).

• Assign and describe any specific duties each Partner is responsible for (optional but recommended).

• Decide and specify how decisions will be made — majority or unanimous consent — particularly for major actions like admitting a new Partner or dissolving the LLP.

• Fill in details for dispute resolution, including location and arbitration rules.

• Customize the ownership interest percentages based on contributions or negotiated terms.

• Ensure books and records maintenance procedures are realistic for your business.

• Have all Partners sign and date the agreement to make it legally binding.

Important Reminder

This document is provided as a template to assist with standard Limited Liability Partnership organization and governance.
It does not constitute legal advice. Always consult a qualified attorney to tailor this Agreement to your specific partnership goals, protect your legal interests, and ensure compliance with applicable local laws.