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.
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.
