Free Limited Liability Partnership Agreement Template
LIMITED LIABILITY
PARTNERSHIP AGREEMENT
This Limited Liability Partnership Agreement ("Agreement") is entered into as of January 1st, 2050, by and between the undersigned partners ("Partners") and [Legal Services LLP], a Limited Liability Partnership duly organized and existing under the laws of [Jurisdiction].
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I. Formation of LLP
I.I Formation: The Partners hereby establish a Limited Liability Partnership ("LLP") to engage in the practice of providing legal services.
I.II Name: The name of the LLP shall be [Legal Services LLP]. The Partners agree to comply with all legal requirements regarding the registration and use of the LLP name.
II. Purpose of LLP
II.I Legal Services: The LLP shall engage in the practice of providing legal services, including but not limited to consultation, representation, and advisory services in various areas of law.
II.II Scope: The LLP may undertake legal matters within the jurisdiction(s) where the Partners are licensed to practice law and may expand its services subject to applicable regulations and licensing requirements.
III. Capital Contributions
III.I Initial Contributions: Each Partner shall contribute an initial capital amount of $50,000 to the LLP upon execution of this Agreement, to be utilized for the expenses and operations of the LLP.
III.II Additional Contributions: Partners may be required to make additional capital contributions as determined by the Partners unanimously or by a specified percentage of the Partners.
IV. Management and Decision-Making
IV.I Management Authority: The Partners shall manage the affairs of the LLP collectively, with each Partner having an equal vote on all matters requiring a vote, except as otherwise provided in this Agreement.
IV.II Decision-Making: The Partners shall jointly agree upon and make decisions relating to everyday operations, financial affairs, and any significant business decisions that may impact the partnership. This mutual agreement will serve as the cornerstone of their decision-making process regarding all aspects of the partnership's operational and financial affairs, as well as any major business directions or strategies that might arise.
V. Allocation of Profits and Losses
V.I Profit Sharing: The net profits garnered by the Limited Liability Partnership are to be allocated amongst the Partners. The distribution should be according to the percentage of their ownership interests in the LLP. Alternatively, the distribution of these profits can be conducted based on any other agreement that the Partners may consent to or decide upon.
V.II Loss Sharing: If the Limited Liability Partnership (LLP) experiences losses, it is to be understood that the sharing of these losses amongst the Partners will be executed in the same proportion as the allocation of profits. This arrangement remains in effect unless there is an alternative agreement established by the Partners.
VI. Withdrawal and Termination
VI.I Withdrawal: A Partner may withdraw from the LLP upon providing written notice to the other Partners. The withdrawing Partner's interest shall be valued and settled by the terms of this Agreement.
VI.II Termination: The Limited Liability Partnership may be brought to a termination if all of the Partners come to a unanimous decision to do so, but it must be by all applicable laws and regulations that are relevant to this action.
VII. Dissolution and Winding-Up
VII.I Dissolution: The Limited Liability Partnership, referred to as the LLP, is poised to be dissolved when specific events happen. These events include instances of bankruptcy, colorations of insolvency, or if the dissolution is applicable via the execution of a majority vote taken among the Partners.
VII.II Winding-Up: When the decision to dissolve the partnership has been taken, it is the responsibility of the Partners to take appropriate action for the winding-up of the affairs of the Limited Liability Partnership. This process must be carried out in strict accordance with laws that are applicable in this regard. Following this, any assets that remain after fulfilling all liabilities must be distributed among the Partners. This distribution should be done strictly according to the ownership interests of each Partner, as per the terms that have been agreed upon by them.
VIII. Governing Law and Dispute Resolution
VIII.I Governing Law: The terms, stipulations, and conditions outlined in this Agreement shall be governed by and interpreted in compliance with the laws of the specified Jurisdiction.
VIII.II Dispute Resolution: Any disputes arising out of or related to this Agreement shall be resolved through arbitration in [Jurisdiction], by the rules of the [Arbitration Organization].
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.
[Your Name]
[Your Company Name]
Partner 1
[Date Signed]
[Your Name]
[Your Company Name]
Partner 2
[Date Signed]
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