Legal Documents
Limited Liability Partnership Agreement
A Limited Liability Partnership Agreement is an agreement by which the partners set out the terms and conditions upon which they have agreed to work together in a business modeled as a Limited Liability Partnership under the provisions of the Companies and Allied Matters Act LFN 2020. The LLP agreement records the matters agreed between the LLP Partners including issues such as management and decision making, duties of the partners, designation of partners as ‘designated partners’, profit sharing, admission of new partners, retirement and expulsion from the LLP and entitlement and obligations of outgoing partners.
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Limited Liability Partnership Agreement
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Table of Content
1. INTERPRETATION 1
2. COMMENCEMENT AND TERMINATION 4
3. BUSINESS OF THE LLP 5
4. REGISTERED OFFICE 6
5. FIRM NAME 6
6. DUTIES 6
7. MANAGER 9
8. NEW PARTNERS 9
9. CAPITAL CONTRIBUTIONS 10
10. BOOKS OF ACCOUNT 11
11. ANNUAL ACCOUNTS 11
12. TAX 12
13. PROFITS, LOSSES AND LIABILITIES 13
14. DRAWINGS 13
15. BANKING 14
16. MANAGEMENT 14
17. RETIREMENT 14
18. EXPULSION 15
19. TERMINATION 16
20. WINDING UP, ARRANGEMENTS AND RECONSTRUCTIONS 17
21. INDULGENCE AND WAIVER 18
22. DISPUTE RESOLUTION 18
23. NOTICES 18
24. ENTIRE AGREEMENT 19
25. GENERAL 19
26. CONFIDENTIALITY 20
27. INVALIDITY 20
28. DEFAULT PROVISIONS. 20
29. GOVERNING LAW 20