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LLC Agreement Template for India

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Key Requirements PROMPT example:

LLC Agreement

"I need an LLC Agreement for a technology consulting firm with three founding partners in Bangalore, with specific provisions for intellectual property protection and international client servicing."

Document background
The LLC Agreement (known as LLP Agreement in India) is a fundamental document required when establishing a Limited Liability Partnership under Indian law. It becomes necessary when two or more partners decide to form an LLP, which combines the flexibility of a partnership with the limited liability protection of a company. This document is mandated by the Limited Liability Partnership Act, 2008, and must be filed with the Registrar of Companies during LLP registration. The agreement comprehensively covers partnership terms, capital structure, management rights, profit sharing, and operational procedures. It's particularly valuable for professional services firms, small to medium enterprises, and startups seeking a flexible business structure with limited liability protection under Indian jurisdiction.
Suggested Sections

1. Parties: Identification of all founding partners and the LLP entity

2. Background: Context of formation, business purpose, and intent of the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Formation and Name: Details of LLP formation, registered name, and business commencement

5. Registered Office: Address and details of the registered office

6. Business Purpose: Detailed description of permitted business activities

7. Capital Contribution: Initial and subsequent capital contributions by partners

8. Rights and Duties of Partners: Detailed obligations, rights, and responsibilities of partners

9. Management Structure: Management framework, decision-making process, and voting rights

10. Meetings and Resolutions: Procedures for partner meetings and passing resolutions

11. Financial Matters: Accounting, auditing, and financial management procedures

12. Profit and Loss Sharing: Distribution of profits and allocation of losses

13. Transfer of Partnership Interest: Rules governing transfer of partnership stakes

14. Admission and Retirement: Procedures for admitting new partners and handling retirements

15. Termination and Dissolution: Conditions and procedures for termination and winding up

16. Governing Law: Applicable laws and jurisdiction

17. Dispute Resolution: Mechanism for resolving disputes between partners

Optional Sections

1. Intellectual Property Rights: Used when the LLP owns or develops significant IP assets

2. Non-Compete and Confidentiality: Required when partners need to be bound by specific competition restrictions

3. Insurance: Include when specific insurance requirements need to be maintained

4. Employee Matters: Necessary when the LLP will have employees and needs employment policies

5. Technology and Data Protection: Required for tech-focused LLPs or those handling sensitive data

6. Foreign Investment Provisions: Include when foreign partners are involved

7. CSR Activities: Include if the LLP plans to engage in corporate social responsibility

8. Branch Offices: Required when the LLP plans to operate multiple offices

Suggested Schedules

1. Schedule 1: Partner Details: Detailed information about partners including contact details and qualifications

2. Schedule 2: Capital Contributions: Detailed breakdown of initial and committed capital contributions

3. Schedule 3: Profit Sharing Ratios: Specific formulae and arrangements for profit distribution

4. Schedule 4: Management Responsibilities: Detailed allocation of management duties and responsibilities

5. Schedule 5: Business Plan: Initial business plan and strategic objectives

6. Appendix A: Voting Rights Matrix: Detailed breakdown of voting rights for different types of decisions

7. Appendix B: Compliance Checklist: List of regulatory compliance requirements

8. Appendix C: Forms and Notices: Standard forms for various notices and communications

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions















































Clauses









































Relevant Industries

Technology

Professional Services

Consulting

Real Estate

Manufacturing

Trading

Healthcare

Education

Financial Services

Construction

Media and Entertainment

Retail

Agriculture

Logistics

Environmental Services

Relevant Teams

Legal

Finance

Compliance

Corporate Secretarial

Risk Management

Operations

Executive Leadership

Business Development

Administration

Relevant Roles

Managing Partner

Chief Executive Officer

Chief Financial Officer

Legal Counsel

Company Secretary

Compliance Officer

Business Development Manager

Operations Director

Finance Director

Managing Director

Partner

Board Member

Risk Manager

Corporate Lawyer

Business Owner

Entrepreneur

General Counsel

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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