LLP Agreement Altered India2

 

 

LLP AGREEMENT (As per Section 23(4) of LLP Act, 2008)

THIS Agreem Agreement ent of LLP made made at ........ ............ .... this.... this........ ........ ........ ........ .... Day of ......... .............. ......... ........ .... 20............ BETWEEN 1.  ... ... a !o !om"a m"any ny regist registere ered d #nde #nderr the $om"an $om"anies ies A!t% A!t% 1& 1&'( '(%% ha ha)in )ing g its re regi gist ster ered ed offi offi!e !e at  . ... thro thro#g #gh h its its a# a#th thor ori* i*ed ed re re"r "res esen enta tati ti)e )e . +hi!h e,"ression sha--% #n-ess it e re"#gnant to the s#/e!t or  !onte,t thereof% in!-#de their -ega- heirs% s#!!essors% nominees and "ermitted assignees and hereinafter !a--ed the IST PAT PAT%% and 2.  .. .. resi residi ding ng at   .. ..+h +hi! i!h h e,"r e,"res essi sion on shasha--% -% #n #n-e -ess ss it e re"#gnant re"#gna nt to the s#/e!t or !onte,t thereof% in!-#de their -ega- heirs% s#!!essors% nominees nominee s and "ermitted assignees assignees and hereinafter !a--ed the SE$3ND PAT PAT%% and

4THE IST IST 5 SE$3ND SE$3ND PAT AT SHALL SHALL BE $3LLE$ $3LLE$TI6E TI6EL L EEED EEED T3 AS PATNES7

 

WHEEAS the irst Party is  WHEEAS the Se!ond Party is .. . N3W Th The e IST IST 5 SE$3N SE$3ND D Party Party are in inte teres rested ted in formin forming g a Limite Limited d Liai-i Liai-ity ty Partnershi" #nder the Limited Liai-ity Partnershi" A!t 2008 and that they intends to +rite do+n the terms and !onditions of the said formation and IT IS HEEB A9EED B AND BETWEEN THE PATIES HEET3 AS 3LL3WS 1. A Limite Limited d Liai-i Liai-ity ty Partne Partnersh rshi" i" sha-sha-- e !arried !arried on in the name name and sty-e sty-e of :;s.  LLP and hereinafter !a--ed as . The < LLP sha-sha-- ha)e ha)e its register registered ed offi!e offi!e at .. .. and;or and;or at s#!h s#!h other other "-a!e or  "-a!es% as sha-- e agreed to y the ma/ority of the "artners from time to time. ?. The $ontri $ontri#tio #tion n of the < LLP sha sha---- e s 4#"ee 4#"ees s .. on-y7 on-y7 +hi!h +hi!h sha-e !ontri#ted y the "artners in the fo--o+ing "ro"ortions.  

irst Party ..@ i.e. s .. 4#"ees .. on-y7

 

Se!ond Party @ i.e. s  4#"ees .. on-y7 The f#rther $ontri#tion if any re#ired y the < LLP sha-- e ro#ght y the "artners in their "rofit sharing ratio.

'. The < LLP sha-sha-- ha)e ha)e a !o !ommo mmon n sea- to e affi,e affi,ed d on do do!#m !#men ents ts as define defined d y "artners #nder the signat#re of any of the Designated Partners. (. The #sine #siness ss of the < LLP LLP sha-sha-- e of    ... ... . That the immo)a immo)a-e -e "ro"ertie "ro"erties s "#r!hased "#r!hased y the LLP sha-sha-- e !-ear% marCeta marCeta-e -e and free from a-- en!#mran!es. 8. The net "rofits "rofits of the the < LLP arri)ed at after after "ro)iding "ro)iding for "ayment "ayment of rem#neration rem#neration to to the +orCing "artners ====== and ====== and interest to "artners on the -oan gi)en y them sha-- e di)ided in the fo--o+ing "ro"ortions To the said ============= ====== ========== === '0@ To the said ============= ====== ========== === '0@   =======   100@   ======== &. The -osses -osses of the < LLP in!-# in!-#din ding g -oss of !a"ita-% !a"ita-% if any% any% sha-sha-- e orne and and "aid y the "artners in the fo--o+ing "ro"ortions

 

To the said ============= ====== ========== === '0@ To the said ============= ====== ========== === '0@   =======   100@   ======== 10. The anCers of the "artnershi" "artnershi" sha-- e======== e=========== === BanC%=== BanC%========= ====== ran!h and;or s#!h other anC or anCs as the "artners may from time to time #nanimo#s-y agreed #"on. 11. 11. The #siness #siness of the the < LLP is       and other an!i--ary #siness more "arti!#-ar-y des!ried in the S!hed#-e 1 anne,ed here+ith or any other #siness in any other manner as may e de!ided y the ma/ority of Partners. Admission of Ne P!rtner  12. 12. The ne+ "artn "artner er may not e intro introd# d#!ed !ed +itho# +itho#tt th the e !onse !onsent nt of aa--- the e,istin e,isting g "artners. S#!h in!oming "artner sha-- gi)e his "rior !onsent to a!t as Partner of the < LLP. 1>. The $ontri#tion $ontri#tion of the "artner may e tangi-e% intangi-e% intangi-e% :o)ea-e or immo)ea-e "ro"erty and the in!oming "artner sha-- ring minim#m !ontri#tion of s 1?. The Profit sharing ratio of the in!oming "artner "artner +i-- e in "ro"ortion "ro"ortion to his !ontri#tion to+ards < LLP. Ri"#ts of P!rtner  1'. A-- the "artners "artners hereto hereto sha-- ha)e the rights% rights% tit-e and interest interest in a-- the asset assets s and "ro"erties in the said < LLP in the "ro"ortion of their $ontri#tion. 1(. E)ery "artner has a right to ha)e a!!ess to and to ins"e ins"e!t !t and !o"y any ooCs of the < LLP. 1. 1. Ea!h Ea!h of the "arties "arties hereto hereto sh sha-a-- e entit entit-ed -ed to !a !arry rry on th their eir o+n% se se"a "arat rate e an and d inde"endent #siness as hitherto they might e doing or they may hereafter do as they deem fit and "ro"er and other "artners and the < LLP sha-- ha)e no o/e!tion thereto "ro)ided "ro)ided that the said "artner has intimated the said fa!t to the < LLP efore the start of the inde"endent #siness and moreo)er he sha-- not #se the name of the < LLP to !arry on the said #siness. 18. If any "artner "artner sha-sha-- ad)an!e ad)an!e any s#m of money money to < LLP o)er o)er and ao)e ao)e his d#e !ontri#tion to !a"ita-% the same sha-- e a det d#e from the < LLP to the "artner  ad)an!ing the same and sha-- !arry sim"-e interest at the rate of @ "er ann#m or  any other rate de!ided y the "artners #nanimo#s-y.

 

1&. < LLP sha-- ha)e "er"et#a"er"et#a- s#!!ession. So% death% death% retirement or inso-)en!y of any "artner sha-- not disso-)e the < LLP. 20. 3n retirement retirement of a "artner "artner%% the retiring retiring "artner "artner sha-- e entit-ed entit-ed to f#-- "ayment "ayment in res"e!t of a-- his rights% tit-e and interest in the "artner as herein "ro)ided. Ho+e)er% Ho+e)er% #"on inso-)en!y of a "artner his or her rights% tit-e and interest in the < LLP sha-!ome to an end. F"on the death of any of the "artners herein any one of his or her  heirs +i-- e admitted as a "artner of the < LLP in "-a!e of s#!h de!eased "artner. The heirs% e,e!#tors and administrators of s#!h de!eased "artners sha-- e entit-ed to and sha-- e "aid the f#-- "ayment in res"e!t of the right% tit-e and interest of s#!h de!eased "artner. 21. 3n the death of any "artner "artner%% if his or her heir o"ts not to e!ome e!ome the "artner% "artner% the s#r)i)ing "artners sha-- ha)e the o"tion to "#r!hase the !ontri#tion of the de!eased "artner in the < LLP. $%ties of P!rtners 22. Ea!h Partner sha-- e /#st and faithf#- to the other "artners "artners in a-- transa!tions re-ating to the LLP. 2>. Ea!h "artner sha-- render render tr#e a!!o#nts and f#-- information of a-- things affe!ting affe!ting the -imited -iai-ity "artnershi" to any "artner or his -ega- re"resentati)es. 2?. E)ery "artner sha-sha-- a!!o#nt to the -imited -iai-ity "artn "artnershi" ershi" for any enefit deri)ed y him +itho#t the !onsent of the < LLP of any transa!tion !on!erning the -imited -iai-ity "artnershi"% or for any #se y him of the "ro"erty% name or any #siness !onne!tion of the < LLP.

2'. E)ery E)ery "artner "artner sha-- indemnif indemnify y the -imited -iai-ity -iai-ity "artnersh "artnershi" i" and the other other e,isting e,isting "artner for any -oss !a#sed to it y his fra#d in the !ond#!t of the #siness of the -imited -iai-ity "artnershi". "artnershi". 2(. In !ase any of the Partners of the < LLP desires to transfer transfer or assign his interest or  shares in the < LLP he !an transfer the same +ith the !onsent of a-- the Partners. 2. No Partner sha-- +itho#t +itho#t the +ritten !onsent !onsent of other Partners Partners =

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Engage or e,!e"t for gross mis!ond#!t% dismiss any em"-oyee of the "artnershi"

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Em"-oy any money% goods or effe!ts of the "artnershi" or "-edge the !redit thereof e,!e"t in the ordinary !o#rse of #siness and #"on the a!!o#nt or for the enefit of the < LLP.

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Enter into any ond or e!ome s#reties or se!#rity +ith or for any "erson or do Cno+ing-y !a#se or s#ffer to e done anything +herey the "artnershi" "ro"erty or any "art thereof may e sei*ed.

 

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 Assign% mortgage or !harge his or her shareG in the "artnershi" or any asset or  "ro"erty thereof or maCe any other "erson a "artner therein.

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Engage dire!t-y or indire!t-y in any #siness !om"eting +ith that of the -imited -iai-ity "artnershi".

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Lend money or gi)e !redit on eha-f of the < LLP or to ha)e any dea-ings +ith any "ersons% !om"any firm the other in y+riting ha)e fori for idd dden en it to tr#st tr#st orordeade a- +hom +ith. +ith. Any -oss -oss "artner in!#rr in!#rred ed"re)io#s-y th thro# ro#gh gh an any rea! rea!h h of  "ro)isions sha-- e made good +ith the < LLP y the "artner in!#rring the same.

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$om"romise or !om"o#nd or 4e,!e"t #"on "ayment in f#--7 re-ease or dis!harge any det d#e to the < LLP e,!e"t #"on the +ritten !onsent gi)en y the other  "artner .

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Enter into any ond or e!ome ai- or s#rety for any "erson or Cno+ing-y !a#se or s#ffer to e done anything +herey the -imited -iai-ity "artnershi" "ro"erty may e endangered

Meetin" 28. The meeting of designated designated "artners may e !a--e !a--ed d y gi)ing days noti!e. In !ase if  any #rgent meeting is !a--ed the noti!e re#irement is to e re!tified y a-- the Partners. 2&. The matter dis!#ssed dis!#ssed in the < LLP meeting sha-- e de!ided y a reso-#tion "assed y a ma/ority in n#mer of the "artners% and for this "#r"ose% ea!h "artner sha-- ha)e one )ote. >0. The meeting meeting of the Partners Partners may e !a--ed !a--ed y sending sending  days "rior noti!e to a-the "artners at their residentia- address or in !ase of #rgent meeting the same !an e !a--ed y te-e"honi! !on)ersation #t the noti!e re#irement is to e re!tified y a-- the Partners. >1. The meeting of Partners Partners sha-- ordinari-y e he-d at the registere registered d offi!e of the < LLP or at any other "-a!e as "er the !on)enien!e of "artners. >2. E)ery -imited -iai-ity "artnershi" "artnershi" sha-- ens#re that de!isions taCen y it are re!orded in the min#tes +ithin .. days of taCing s#!h de!isions and are Ce"t and maintained maintained at the registered offi!e of the < LLP. >>. Ea!h "artner sha--== I.

P#n! P#n!t# t#aa--y -y "ay "ay and and dis! dis!ha harg rge e the the se se"a "ara rate te de det ts s an and d en enga gage geme ment nt an and d indemnify the other "artners and the < LLP assets against the same and a-"ro!eedings% !osts% !-aims and demands in res"e!t thereof.

II.

Ea!h Ea!h of the the "artn "artners ers shasha--- gi)e gi)e time time and atte attent ntio ion n as may e e re#ir re#ired ed for for the f#-fi--ment of the o/e!ti)es of the < LLP #siness and they a-- sha-- e the +orCing "artners.

 

$%ties of $esi"n!ted P!rtner  >?. The A#thorised A#thorised re"resentati)e re"resentati)e of irst Party and the Se!ond Party shasha--- a!t as the Designated Partner of the < LLP in terms of the re#irement of the Limited Liai-ity Partnershi" A!t% 2008. >'. The Designated Designated Partners sha-- e res"onsi-e for the doing of a-- a!ts% matters and things as are re#ired to e done y the -imited -iai-ity "artnershi" in res"e!t of  !om"-ian!e of the "ro)isions of this A!t in!-#ding fi-ing of any do!#ment% ret#rn% stat st atem emen entt an and d the the -i -iCe Ce re"o re"ort rt "# "#rs rs#a #ant nt to th the e "ro) "ro)is isio ions ns of Limi Limite ted d Li Lia aii-it ity y Partnershi" A!t% 2008. >(. The Designated Designated Partners sha-- e res"onsi-e res"onsi-e for the doing of a-- a!ts arising o#t of  this agreement. >. No rem#neration rem#neration +i-- e gi)en to any of the Designated Designated Partner for rendering of their  ser)i!es. >8. >8. The < LLP LLP sha-sha-- indemn indemnify ify and and defen defend d its "artners "artners an and d ot othe herr of offi! fi!ers ers from from an and d against aga inst any and a-- -iai-ity -iai-ity in !onne!t !onne!tion ion +ith !-aims% !-aims% a!tions a!tions and "ro!eed "ro!eedings ings 4regard-ess of the o#t!ome7% /#dgment% -oss or sett-ement thereof% +hether !i)i- or  !rimina-% arising o#t of or res#-ting from their res"e!ti)e "erforman!es as "artners and offi!ers of the < LLP% e,!e"t for the gross neg-igen!e or +i--f#- mis!ond#!t of the "artner or offi!er seeCing indemnifi!ation. &ess!tion of E'istin" P!rtners >&. Partner may !ease to e "artner "artner of the < LLP y gi)ing a noti!e in +riting of not -ess than  days4:ore than >07 to the other "artners of his intention to resign as "artner. ?0. No ma/ority ma/ority of Partners Partners !an e,"ee,"e- any "artner "artner e,!e"t e,!e"t in the sit#atio sit#ation n +here +here any "artner has een fo#nd g#i-ty of !arrying of a!ti)ity;#siness of < LLP +ith fra#d#-ent "#r"ose. ?1.   The < LLP !an e +o#nded #" +ith the !onsent of a-- the "artners s#/e!t to the "ro)isions of Limited Liai-ity Partnershi" A!t 2008.  E'tent of Li!iit* of + LLP ?2.  < LLP is not o#nd y anything done y a "artner in dea-ing +ith a "erson if I.

the "art "artne nerr in fa!t fa!t has has no a#tho a#thorit rity y to a!t a!t for the the < LLP LLP in doin doing g a "arti! "arti!##-ar  ar  a!t and

II.

the "ers "erson on Cno+ Cno+s s that that he has has no a#th a#thori ority ty or doe does s not Cno Cno+ + or e-ie e-ie)e )e him him to e a "artner of the < LLP.

 Misce!neo%s Proisions

 

?>. The -imited -iai-ity "artnershi" sha-- indemnify indemnify ea!h "artner in res"e!t of "ayments made and "ersona- -iai-ities in!#rred y him I.

in tthe he ord ordin inar ary y and and "ro" "ro"er er !on !ond# d#!t !t of of the the #si #sine ness ss of of the the -imi -imite ted d -ia -iaii-it ity y "artnershi" or 

II.

in or ao# ao#tt any anyth thing ing ne!e ne!essa ssariri-y y don done e ffor or th the e "res "reser) er)atio ation n of of the the # #sin sines ess s or "ro"erty of the -imited -iai-ity "artnershi".

??. The ooCs of a!!o#nts a!!o#nts of the firm sha-- e Ce"t at the registe registered red offi!e of the < LLP for the referen!e of a-- the "artners. ?'. The a!!o#nting a!!o#nting year of the < LLP sha-- e from 1st A"ri- of the yea yearr to >1st :ar!h of  s#se#ent year. The first a!!o#nting year sha-- e from the date of !ommen!ement of this < LLP ti-- >1st :ar!h of the s#se#ent year. ?(. It is e,"ress-y agreed that the anC anC a!!o#nt of the < LLP sha-- e o"erate o"erated d /oint-y y the Se!ond Party. ?. A-- dis"#tes et+een et+een the "artners or et+een the Partner and the < LLP arising o#t of the -imited -iai-ity "artnershi" agreement +hi!h !annot e reso-)ed in terms of this agreement sha-- e referred for aritration as "er the "ro)isions of the Aritration and $on!i-iation A!t% 1&&( 42( of 1&&(7.  IN WITNESS WHEE3 the "arties ha)e "#t their res"e!ti)e hands the day and year  first hereinao)e +ritten Signed and de-i)ered y the or and on eha-f of . 4Name of LLP7  

4Partner7 4Partner7

 

Witness a7 Name Name               Address  Address         Signat#re 

 

7 Name Name         Address  Address         Signat#re 

 

S&-E$.LE / AN&LLAR1 R T-ER .SNESS &ARRE$ ER 1 T-E + LLP (A) T-E .SNESS N&$ENTAL N&$ENTAL R AN&LLAR1 AN&LLAR1 T T-E T-E ATT ATTANME ANMENT NT 5 T-E MAN .SNESS ARE6

() T-E T-ER T-ER .SNESS .SNESS ARE6 ARE6

S&-E$.LE 2

MATTERS MAT TERS T E $E&$ $E&$E$ E$ 1 A RES RESL.T L.TN N PASSE$ SSE$ 1 A MA7 MA7RT RT1 1 N N.MER 5 T-E PARTNERS

.