Do You Need an LLP Operating Agreement Sample?

Standardized Legal Documents Do You Need an LLP Operating Agreement Sample?

Don’t Search for an LLP Operating Agreement Sample—Create Your Contract With DoNotPay

A limited liability partnership (LLP) is a business arrangement in which parties work together to achieve common results while being only responsible for their own actions. 

This type of partnership is established through a legal document, an LLP operating agreement. 

The problem arises when it comes to writing such a contract. Your draft must meet the governing law requirements and include all relevant sections. 

Hiring a lawyer is one way to go, but it’s a pricey option. You might be considering looking for an LPP operating agreement sample online. This article will give you a much better solution!

What Is an LLP Operating Agreement, and When Should You Use It?

An LLP operating agreement is a contract between all the parties involved in a partnership who agree to run and handle the business together to gain better profit. It defines the duties and liabilities of each partner and shows what the business management should look like. 

Before signing the agreement, the parties must register their partnership at the government body proposed by local legislation, which varies from state to state. The document itself doesn’t need to be reported to the same institution. The primary goal of this contract is to protect the members from bearing the consequences of other parties’ actions. The individual liabilities defined in the operating agreement will always be proportional to the particular party’s investment. This way, the document safeguards the interests of all signers involved and helps them maintain a fair relationship.

What Sections Should a Reliable LLP Operating Agreement Include?

A proper LLP operating agreement should cover all the clauses necessary for defining the purpose and terms of your partnership. To prevent any ambiguities and miscommunication, you must ensure the contract is concise and comprehensible to everyone. Compliance with related state-specific laws is another important requirement, which is why you should always check whether your state has specific rules regarding this matter. The recommended sections you should include are:

  1. Information about your LLP
    • Official name
    • Business type
  2. Partners
    • Names of all LLP members
    • Limits regarding the number of partners
    • Member appointment procedure details
    • Potential termination in case of death, expulsion, or other similar circumstances
    • Working terms and expectations
    • Responsibilities and tasks of each LLP member
  3. Financial terms
    • Required capital each member should invest
    • A policy for sharing LLP profits and losses
    • Salary and payment details
    • Accounting policies
    • Other financial procedures
    • Approved types of assets the LLP can own
  4. LLP management
    • Day-to-day management strategies and procedures
    • Decision-making processes
    • Meetings
    • Restrictions
  5. Disputes and dissolution requirements
    • Ways to resolve potential conflicts
    • Non-compete clause
    • Reasons for terminating/dissolving the LLP
  6. Signatures of all LLP members

Does an LLP Operating Agreement Require Notarization?

Having your LLP operating agreement notarized usually isn’t required since the signatures of all partners are enough to make the agreement legally binding. The situation is different if the parties want to modify the existing agreement or add some new clauses to it. In such cases, they must make a supplementary contract containing all performed modifications or new sections. This document has to be stamped and signed by a notary.

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  2. General Business Contract
  3. Promissory Note
  4. Independent Contractor Agreement
  5. Child Care Authorization Form
  6. LLC Operating Rules Document
  7. Quitclaim Deed
  8. Bill of Sale
  9. Residential Lease Agreement
  10. Estoppel Certificate
  11. Intent To Purchase Real Estate
  12. Non-Compete Agreement
  13. Custody Agreement
  14. General Affidavit
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