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LLP Agreement (Sample 2)

(As per Section 23(1) of LLP Act, 2008)

THIS Agreement of LLP made at .................... this ............... day of ................. 20.........

BETWEEN

1. .......................... residing at .......................which expression shall, unless it be repugnant to the subject or context thereof, include their legal heirs, successors, nominees and permitted assignees and hereinafter called the FIRST PARTY, and

2. ........................................ residing at ............................................. which expression shall, unless it be repugnant to the subject or context thereof, include their legal heirs, successors, nominees and permitted assignees and hereinafter called the SECOND PARTY, and

(THE FIRST & SECOND PARTY SHALL BE COLLECTIVELY REFERRED TO AS PARTNERS)

WHEREAS the First Party is ...........................................................................................

WHEREAS the Second Party is .....................................................................................

NOW the first & second party are interested in forming a Limited Liability Partnership under the Limited Liability Partnership Act, 2008 and that they intend to write down the terms and conditions of the said formation, and

IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS :

1. A Limited Liability Partnership shall be carried on in the name and style of M/s. ................ LLP and hereinafter called as .........X........... LLP.

2. The X LLP as constituted under this deed shall be deemed to be have commenced on the ......................... day of ....................................

3. The X LLP shall have its registered office at ................................ and/or at such other place or places, as shall be agreed to by the majority of the partners from time to time.

4. The contribution of the X LLP shall be Rs. ................... (Rupees ....................................... only) which shall be contributed by the partners in the following proportions.

First Party ............% i.e. Rs. ....................... (Rupees .......................................... only)

Second Party ........% i.e. Rs. ....................... (Rupees .......................................... only)

The further Contribution if any required by the X LLP shall be brought by the partners in their profit sharing ratio.

5. The X LLP shall have a common seal to be affixed on documents as defined by partners under the signature of any of the Designated Partners.

6. The business of the X LLP shall be of ..........................................

7. That the immovable properties purchased by the LLP shall be clear, marketable and free from all encumbrances.

8. The net profits of the X LLP arrived at after providing for payment of remuneration to the working partners .................. and ................ and interest to partners on the loan given by them shall be divided in the following proportions :

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