Clauses of LLP Agreement

According to section 2(1)(o) of the LLP Act, 2008, LLP Agreements mean any written agreement between the partners of the Limited Liability Partnership or between the Limited Liability Partnership and its partners which determines mutual rights and duties of the partners and their rights and duties in relation to that limited liability partnership.

It is compulsory to make LLP Agreement within 30 days of incorporation which should be printed on Stamp paper with requisite value and should be signed by partners.

LLP Agreements Clause:

CLAUSESection Number along with relevant rules
INTERPRETATION / DEFINITIONSSection 23(4)
DESIGNATED PARTNERSection 7(1) and 7(2) read with rules 7 and 9 of the LLP rules 2009http://jinujaincs.com/blog-company-secretary-cs-legal-consultant/
NAME OF THE LLP AND CHANGES TO ITSection 5,16,19 read with rules 18 of LLP rules
REGISTERED OFFICE OF THE LLPSection 13 read with Rule 17 of LLP rules
BUSINESS OF THE LLP  Section 23(4) read with the First schedule to the LLP Act 2008
CAPITAL CONTRIBUTIONSection 3(3),32 and 33 read with rule 2 in the First schedule to the LLP Act 2008
PROFIT SHARING RATIOSection 42(1) of the LLP Act, 2008
RIGHTS AND DUTIES OF DESIGNATED PARTNERSSection 23(4) read with the First schedule of LLP Act 2008
ADMISSION OF PARTNER, RETIREMENT RESIGNATION AND EXPULSION OF PARTNERSSection 22,23read with the First schedule of LLP Act 2008
REMUNERATION & INTEREST TO BE PAID TO PARTNERSSection 23(4)
BANK ACCOUNTSection 23(4)
BOOKS OF ACCOUNTS AND ACCOUNTING YEARSection 34(1)
MEETINGSSection 23(4)
INDEMNITYSection 23(4) read with First schedule
DISPUTE RESOLUTIONSection 23(4) read with First schedule
TERM OF LLP /WINDING UPSection 63 & 64
GENERAL PROVISIONSSection 23(4)

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