Document background
The Professional LLC Operating Agreement, while termed using US nomenclature, is adapted for use under English and Welsh law as a Limited Liability Partnership (LLP) agreement. This document is essential when establishing a professional services firm where members wish to combine the benefits of limited liability with partnership flexibility. It's particularly relevant for regulated professional services, incorporating specific provisions required by UK regulatory bodies. The agreement covers crucial aspects such as governance, capital contributions, profit sharing, member obligations, and exit provisions, while ensuring compliance with the Limited Liability Partnerships Act 2000 and related regulations.
