The Basic LLP Agreement is a simple and short legal document which covers the key issues arising in a straightforward LLP arrangement. This template might be used by a small business (or professional services firm) requiring a simple LLP structure.
This Basic LLP Agreement is derived from the long form LLP agreement and covers all the main points but in a simpler form. It provides for equal capital contributions, equal sharing of profits and losses, that all the partners will work full time in the business and manage the business jointly, that no member can be expelled without the unanimous written consent of all the members and that two designated members shall be appointed.
For a fuller and more sophisticated LLP agreement, the Simply-Docs Long Form Partnership Agreement may be more appropriate.
Appropriate new clauses have been added to deal with these changes.
As with private limited companies, LLPs will continue to be impacted by the ECCTA by further changes in secondary legislation, particularly the identity verification provisions. This template will be updated further once these provisions are enacted.
This template does not address tax issues and customers should seek their own tax advice in relation to any tax implications arising from this template.
This agreement is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
Once you have purchased access to the appropriate document folder click on the “Download Document” button below. You will be asked what you want to do with the file. It is recommended that you save the document to a location of your choice prior to viewing.
Basic LLP Agreement is part of Corporate Documents. Just £35.00 + VAT provides unlimited downloads from Corporate Documents for 1 year.
