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Other Names: Limited liability partnership agreement LLP partnership agreement LLP members agreement

What is an LLP Agreement?

An LLP Agreement is a document used to create a limited liability partnership (ie an LLP), a type of business partnership that combines the flexibility of a traditional partnership with the advantages of corporate limited liability. LLP Agreements enable a business partnership to be started with clear rules for sharing power and profits.

When should I use an LLP Agreement?

Use this LLP Agreement:

to clarify the partners' contributions to and their capital shares in the LLP
to set out the partners' profit shares
to set out how decisions are to be made within the partnership
only for LLPs registered in England, Wales, or Scotland