Know about LLP Agreement
What is the LLP Agreement?
LLP agreement an agreement between i) the partners and between ii) the partners and LLP. It contains the rights and duties of the partners toward each other as well toward the LLP, Partnership Interest, and Rights, Profit Distribution, Capital Contribution, Term, Names, And Purpose, etc.
Is it required?
It is not a legal requirement but it is advised to create one. In its absence the mutual rights and liabilities are governed under Schedule I to the Act. If any change is required in Schedule 1 provisions, LLP agreement is required.