LLP Agreement Format
Draft the agreement between the partners of a Limited Liability Partnership and download it as an editable Word file.
What it is
An LLP agreement sets out the mutual rights and duties of the partners of an LLP and their relationship with the LLP, under the Limited Liability Partnership Act, 2008. Where there is no agreement on a matter, the First Schedule to the Act applies, which, for example, gives all partners an equal share in capital and profits.
When it is used
- Shortly after incorporation of a new LLP.
- Admitting or removing a partner, or changing contributions or profit shares.
- Converting a partnership firm or private company into an LLP.
What the template covers
- Name, registered office and nature of business
- Contribution and profit and loss sharing of each partner
- Designated partners and their responsibilities
- Remuneration and interest to partners
- Banking, books of account and audit
- Admission, retirement and cessation of partners; winding up; arbitration
Details you will need
The generator asks for the following. Fields marked with an asterisk in the form are required; the rest can be left blank and filled in later in Word.
LLP Details
LLP Name; Registered Office Address; Nature of Business; Effective Date; LLPIN (if incorporated)
Partners
Partners (designated/regular): Full Name, S/o, D/o or W/o, Residential Address, DPIN/DIN, PAN, Role, Capital Contribution (₹), Profit/Loss Share (%)
Financial Terms
Interest on Contribution (% p.a.); Remuneration to Working Designated Partners?; Audit Waiver (turnover < ₹40L AND contribution < ₹25L)
Execution
Place of Execution; Stamp Paper Value (₹)
Stamp duty, registration and filing
The initial LLP agreement, and every later change to it, must be filed with the Registrar in Form 3 within 30 days. Stamp duty is payable on the agreement under the Stamp Act of the State concerned. LLP accounts must be audited unless, for the financial year, turnover does not exceed ₹40 lakh and contribution does not exceed ₹25 lakh.
Generate the LLP Agreement
Fill in the form and download the draft as a Word file. It is a general template, not legal or professional advice; have it reviewed for your facts before you sign or rely on it.
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Frequently asked questions
Is an LLP agreement mandatory?
The Act expects an LLP agreement to be filed in Form 3 within 30 days of incorporation. Without one, the default provisions of the First Schedule to the LLP Act, 2008 govern the partners' relationship.
Who can be a designated partner?
Every LLP needs at least two designated partners who are individuals, and at least one of them must be resident in India. Each designated partner needs a DIN.
Can the LLP agreement be changed later?
Yes. Changes are made by a supplementary agreement as provided in the existing agreement, and the change must be filed with the Registrar in Form 3 within 30 days.
This page gives general information for reference only. Laws, stamp duty rates and filing requirements change and differ between States, so confirm the current position for your case. Related: all document templates · free tax calculators · compliance calendar and guides.