FREE UK Limited Liability Partnership Agreement

This free Limited Liability Partnership Agreement sets forth the terms, obligations and resposabilites of the parties that are entering into this LLP in the United Kingdom.

Disclaimer:This was not drafted by an attorney & should not be used as a legal document.




LIMITED LIABILITY PARTNERSHIP AGREEMENT

This Limited Liability Partnership Agreement (“Agreement”) is made on [Date] by and between:


[Name], having his permanent place of residence at [Address] for the ONE PART;

AND

Name], having his permanent place of residence at [Address] for the SECOND PART;

WHEREAS:

The Partners wish to set forth, in a written agreement, the terms and conditions by which they will be governed and associated with themselves in the Limited Liability Partnership (“Partnership”).

NOW, THEREFORE, in consideration of the promises contained in this Agreement, the Partners affirm in writing their association as a partnership in accordance with the following provisions:

Business and Name:
The partners agree to carry on the Business in partnership with one another as equal partners under the name [Name of the Business].

Capital Contribution:
It is agreed between both the partners that, they shall contribute equally any capital which they deem necessary for conducting and carrying on the Business.

Accounting:
The Partners shall maintain and keep proper accounts of all the transactions of the Partnership Business and at the end of each year or so soon thereafter as possible a statement shall be made out showing the income and expenses of the Partnership Business for the past year, which shall mention the accrued profit or loss of each of the partner. The accounts shall be available for inspection to the Partners at usual business hours.

Termination of Partnership:
Either Partner may terminate the Partnership by giving to the other not less than [Enter Period] months’ notice in writing, in which case the other Partner shall have the right exercisable by counter-notice before the expiry of such notice to purchase the share of the outgoing Partner at the net value of such share.
Governing Law: This Agreement and the rights of the Partners under this Agreement shall be governed by the laws of United Kingdom.


It is understood that the rights or liabilities or duties not specifically granted under this agreement shall be governed as per the Partnership Act, 2000.

IN WITNESS WHEREOF, the Partners have executed this Agreement the date first above written.

Mr. [Name] Mr. [Name]
Date: Date:
Place: Place:



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