LLP Agreement

LLP AGREEMENT

This Agreement is made on [Date] between [Partner 1] and [Partner 2]

1. Parties. This LLP Agreement is executed between [Partner 1] and [Partner 2] (the "Partners") of [LLP Name] LLP, registered under the Limited Liability Partnership Act, 2008.
2. Recitals. The Partners have incorporated the LLP and wish to record their mutual rights, duties and the management of the LLP.
3. Business & Effective Date. The LLP shall carry on the business of [Nature of Business] with effect from the Effective Date [Effective Date].
4. Contribution & Consideration. The total contribution shall be Rs. [Amount], contributed as [Partner 1: Rs. __ / Partner 2: Rs. __] in the agreed ratio.
5. Profit Sharing. Profits and losses of the LLP shall be shared in the ratio [__:__] after providing for interest on contribution and partner remuneration.
6. Designated Partners & Obligations. [Name] and [Name] shall be the Designated Partners responsible for statutory compliance under the LLP Act.
7. Management. Ordinary business decisions shall be by majority of Partners; matters in Schedule I shall require consent of Partners holding [__]% of contribution.
8. Representations & Warranties. Each Partner warrants that it is competent to contract and authorised to enter into this Agreement.
9. Confidentiality. The Partners shall keep the LLP's information confidential during and after their association.
10. Admission & Cessation. A new partner may be admitted, or a partner may retire, on [__] days notice, with accounts settled as at the date of cessation.
11. Term & Winding Up. The LLP shall continue until wound up voluntarily or by the Tribunal in accordance with the LLP Act and Rules.
12. Governing Law & Jurisdiction. This Agreement is governed by the laws of India and subject to the jurisdiction of courts at [City].
13. Dispute Resolution. Disputes shall be referred to arbitration under the Arbitration and Conciliation Act, 1996, seated at [City].

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