Limited Liability Partnership Agreement (California)This Limited Liability Partnership Agreement is tailored for a California professional practice, including law, public accountancy, architecture, engineering and land surveying.
This Limited Liability Partnership Agreement is tailored for a California professional practice, including law, public accountancy, architecture, engineering and land surveying.
The LLP allows each partner to actively participate in management affairs and provides limited liability protection to each partner.
While the terms of an LLP agreement should be specific to the particular partnership, this document addresses many of the issues commonly encountered by partners forming an LLP. Partners entering into this agreement may take into account other factors not stated in this form as they deem proper to the carrying out of the partnership agreement. The partners should review the agreement to ensure that the agreement reflects the appropriate business, economic, risk, and tax allocation matters agreed among the partners.
What does the Limited Partnership Agreement (California) cover?
Name of the partnership.
Purpose of the partnership.
Capital contributions to the partnership (both initial and subsequent).
Allocation of partnership profits, losses, and draws.
Partners' authority and decision-making.
Management of partnership.
Under what circumstances a new partner can be added.
Withdrawal or death of partner.
Resolution of disputes.