Limited Liability Partnership Deed

Two friends from Vashi decide to start a small design studio, and both want the freedom of a partnership but neither wants to lose a flat if a client sues the firm. Someone tells them to form an LLP and to get a proper deed drawn up. What exactly is the deed, what must it say, and what happens to the partners' rights if they never write it at all?

In two minutes

An LLP deed is the written agreement that fixes the mutual rights and duties of the partners and of the LLP; the Limited Liability Partnership Act 2008 lets the partners design almost everything, and fills the gaps with the default rules in its First Schedule.

The rest of this chapter

The full explanation, the cheat sheet, every previous-year question at every mark weight, the quiz and the answer skeletons are part of Drafting, Pleading and Conveyancing – II on LexBlox Semester. Sign in to unlock the subject, or read Module 1 of Legal Language and Writing free.