LLP Agreement (Limited Liability Partnerships)
Publisher one
Genie AIJurisdiction
England and WalesCost
Free to useContract party
Relevant sectors
Type of legal document
👫 Limited liability partnership agreementBusiness activity
Start a new businessA limited liability partnership agreement is a contract between partners that outlines their respective rights and duties, as well as the procedures for dispute resolution. The agreement also establishes the partnership's liability shield, which protects the partners from being held personally liable for the debts and obligations of the partnership.
Under the UK legal framework, an LLP is a popular business structure that combines the advantages of a partnership and a limited liability company. It provides partners with the flexibility of a partnership while protecting their personal assets through limited liability. This template outlines the rights, responsibilities, and obligations of the partners involved in an LLP, ensuring transparency and safeguarding the interests of all parties.
The LLP Agreement covers various crucial aspects of the partnership, including the nature and purpose of the business, capital contributions by partners, profit sharing and loss allocation mechanisms, decision-making processes, governance rules, partner withdrawal or retirement provisions, dispute resolution mechanisms, and dissolution or winding-up procedures if necessary.
Additionally, the template may include clauses addressing matters such as partner roles and authorities, decision-making thresholds, admission of new partners, non-compete agreements, intellectual property ownership, confidentiality obligations, and legal compliance requirements.
This template serves as a foundational document for LLPs, providing a clear and enforceable framework that sets out the intentions, rights, and obligations of the partners involved. By using this template, partners can customize the agreement to suit their specific needs and tailor it to reflect their unique circumstances.
It is essential to consult legal professionals well-versed in UK partnership law while utilizing this template to ensure compliance with current legislation and to adapt the agreement to any specific requirements or provisions necessary for a particular LLP.
How it works
Try using Genie's Free AI Legal Assistant
Generate quality, formatted contracts with AI
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
Let our Legal AI make edits for you
Ask Genie to edit your document in the same way you’d ask a paralegal. Genie makes track changes, and explains its thinking just like a junior lawyer would.
AI review
Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs
Book your personalised demo now
Similar legal templates
Witness Statement Supporting Application To Extend Administrator's Appointment
The witness statement may include information regarding the current state of affairs, the reason behind the need for an extension, the value and importance of the administrator's expertise in the specific case, as well as any positive impacts achieved during the initial appointment. The statement can also demonstrate the administrator's ongoing effectiveness in managing and resolving complex issues, maintaining stability, and safeguarding the interests of all relevant parties involved.
This template aims to present a persuasive case to the appropriate judicial or administrative authority, emphasizing the necessity and benefits of extending the administrator's appointment. By providing comprehensive details and concrete examples through the witness statement, it helps to build a compelling argument for the extension of the administrator's term, ultimately ensuring the continued success and smooth progression of the matter at hand.
Publisher
Genie AIJurisdiction
England and WalesVideo Editor Contract
This Video Editor contract template is designed for a commercial video editing organisation (or an individual video editor) to use when contracting out their skills and services in exchange for payment. This contract sets out the type of video editing and video-editing-related services to be completed by the video editor on behalf of the client, with consideration for expectations around quality and delivery timescales, as well as any mitigating circumstances. This contract allows for payment to be made by the client to the video editing firm or individual video editor on a weekly or monthly basis but can easily be edited to account for other payment schedules and could be altered to include bonuses conditional on performance. It can also be fully customised with the details of the two parties and the duration of the contract and can be printed, downloaded and edited freely as part of our mission to open source business legals. This is a template for contractors who fit outside of the UK's off-payroll working rules (IR35).
