A limited liability partnership (LLP) agreement is a legally binding document that outlines the rights, responsibilities, and obligations of partners in a limited liability partnership. It serves as the governing document for the LLP and defines the internal workings, management structure, profit sharing, decision-making processes, and dispute resolution mechanisms within the partnership. The agreement typically covers important aspects such as capital contributions, profit distribution, partner roles and responsibilities, admission and retirement of partners, decision-making procedures, and the dissolution of the LLP. The LLP agreement provides clarity, transparency, and a framework for the smooth functioning and operation of the partnership, ensuring that all partners are aware of their rights and obligations.
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