Q. List some of the major LLP clauses to be included in LLP agreement?

LLP agreement is the most important documents of the LLP. Everything is managed by this agreement and hence need to be drafted with utmost care. Hence, your agreement must have the following clauses:

• Division of Profit and Loss
• Proportion of capital investment in case further capital is required.
• Provisions relating to Admission of new partner, retirement of partner etc.
• Procedure to be followed in case of dispute (Arbitration).
• Duties and powers of designated partners
• Procedures to be followed for expulsion of a partner.
• Clause when LLP should be closed and procedure to be followed while closing.