Automobiles

LLP AGREEMENT (As per Section 23(4) of LLP Act, 2008

Description
LLP AGREEMENT (As per Section 23(4) of LLP Act, 2008
Categories
Published
of 8
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Related Documents
Share
Transcript
  LLP AGREEMENT(As per Section 23(4) of LLP Act, 2008)This Agreement of LLP made at DELHI this 20 th  Day of September, 2019BETWEEN 1. Name of 1 st   Partner S/o  Father’s Name   , R/o Address which expression shall, unless it berepugnant to the subject or context thereof, include their legal heirs, successors, nominees andpermitted assignees and hereinafter called the FIRST PARTY, and 1  2. Name of 2 nd  Partner S/o  Father’s Name   , R/o Address , which expression shall, unless it berepugnant to the subject or context thereof, include their legal heirs, successors, nominees andpermitted assignees and hereinafter called the SECOND PARTY, and 3. Name of 3 rd  Partner S/o  Father’s Name   , R/o Address,  which expression shall, unless it berepugnant to the subject or context thereof, include their legal heirs, successors, nominees andpermitted assignees and hereinafter called the THIRD PARTY.(THE FIRST, SECOND & THIRD PARTY SHALL BE COLLECTIVELY REFERRED TO AS PARTNERS)WHEREAS the First Party is   Name of 1 st   Partner  (INDIVIDUAL) WHEREAS the Second Party is   Name of 2 nd  Partner (INDIVIDUAL) WHEREAS the THIRD Party is Name of 3 rd  Partner (INDIVIDUAL) NOW The FIRST, SECOND & THIRD Party are interested in forming a Limited Liability Partnershipunder the Limited Liability Partnership Act 2008 and that they intends to write down the terms andconditions of the said formation and IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS A Limited Liability Partnership shall be carried on in the name and style   Name of LLP 1.The  Name of LLP  constituted under the Deeds as amended time to time and shall be deemed tobe have commenced on the 19 th  Day of September 2019.2. The Name of LLP  shall have its registered ofice at and/or at such other place or places, as shallbe agreed to by the majority of the partners from time to time.3.The Contribution of the Name of LLP  shall be Rs 1,00,000.00 (Rupees One Lakh Only) whichshall be contributed by the partners in the following proportions.First Party 33.34% i.e. Rs 33,334.00 (Rupees Thirty Three Thousand Three hundred & ThirtyFour only)Second Party 33.33% i.e. Rs 33,333.00 (Rupees Thirty Three Thousand Three hundred & ThirtyThree only)Third Party 33.33% i.e. Rs 33,333.00 (Rupees Thirty Three Thousand Three hundred & thirtyThree only)The further Contribution if any required by the Name of LLP  shall be brought by the partners intheir proit sharing ratio. 4.The   Name of LLP  shall have a common seal to be afixed on documents as deined by partnersunder the signature of any of the Designated Partners.5.The business of the   Name of LLP  shall be of providing business of buying, selling, reselling,importing, exporting, transporting, storing, developing, promoting, marketing or supplying, 2  trading, dealing in any manner whatsoever in all type of Sports Commodities/items on retail aswell as on wholesale basis in India or elsewhere.6.That the immovable properties purchased by the LLP shall be clear, marketable and free from allencumbrances.7.The net proits Name of LLP  arrived at after providing for payment of remuneration to theworking partners and interest to partners on the loan given by them shall be divided in thefollowing proportions:To the said Name of 1 st   Partner 33.34To the said Name of 2 nd  Partner 33.33To the said Name of 3 rd  Partner 33.338.The losses of the JDG International Venture LLP  including loss of capital, if any, shall be borneand paid by the partners in the following proportions: To the said Name of 1 st   Partner 33.34To the said Name of 2 nd  Partner 33.33To the said Name of 3 rd  Partner 33.339.The bankers of the partnership shall be such banks as the partners may from time to timeunanimously agree upon.10.Remuneration to the working partners will be given as much mutually decided by all the workingpartners as per unanimously resolution passed by the partners depend upon efforts and timegiven by the partner. However Salary limit may be further increase or decrease as much mutuallydecided by all the working partners in the meeting, subject to maximum U/s 40 (b) as amendedas per Income Tax Act.11.The business of the   Name of LLP  shall be of providing business of buying, selling, reselling,importing, exporting, transporting, storing, developing, promoting, marketing or supplying,trading, dealing in any manner whatsoever in all type of Sports Commodities/items on retail aswell as on wholesale basis in India or elsewhere and other ancillary business more particularlydescribed in the Schedule 1 annexed herewith or any other business in any other manner as maybe decided by the majority of Partners.  Admission of New Partner 12.The new partner may not be introduced without the consent of all the existing partners. Suchincoming partner shall give his prior consent to act as Partner of the Name of LLP  TheContribution of the partner may be tangible, intangible, Moveable or immoveable property andthe incoming partner shall bring minimum contribution as per mutual consent with existingpartners.13.The Proit sharing ratio of the incoming partner will be in proportion to his contribution towards Name of LLP 3  Rights of Partner 14.All the partners hereto shall have the rights, title and interest in all the assets and properties inthe said Name of LLP  in the proportion of their Contribution. 15.Every partner has a right to have access to and to inspect and copy any books of Name of LLP Each of the parties hereto shall be entitled to carry on their own, separate and independent business as hitherto they might be doing or they may hereafter do as they deem it and properand other partners and the Name of LLP  shall have no objection thereto provided that the saidpartner has intimated the said fact to the   Name of LLP  before the start of the independent business and moreover he shall not use the name of the Name of LLP  to carry on the saidbusiness.16.If any partner shall advance any sum of money to Name of LLP  over and above his duecontribution to capital, the same shall be a debt due from the   Name of LLP  to the partneradvancing the same and shall carry simple interest at the rate of 12% per annum or any otherrate decided by the partners unanimously. 17. Name of LLP  shall have perpetual succession. So, death, retirement or insolvency of any partnershall not dissolve the Name of LLP 18.On retirement of a partner, the retiring partner shall be entitled to full payment in respect of allhis rights, title and interest in the partnership as herein provided. However, upon insolvency of apartner his or her rights, title and interest in the Name of LLP   shall come to an end. Upon thedeath of any of the partners herein any one of his or her heirs will be admitted as a partner of the Name of LLP  in place of such deceased partner. The heirs, executors and administrators of suchdeceased partners shall be entitled to and shall be paid the full payment in respect of the right,title and interest of such deceased partner in Name of LLP  On the death of any partner, if his orher heir opts not to become the partner, the surviving partners shall have the option to purchasethe contribution of the deceased partner in Name of LLP   Duties of Partners 19.Each Partner shall be just and faithful to the other partners in all transactions relating to the LLP.20.Each partner shall render true accounts and full information of all things affecting the limitedliability partnership to any partner or his legal representatives.21.Every partner shall account to the limited liability partnership for any beneit derived by himwithout the consent of the Name of LLP  of any transaction concerning the limited liabilitypartnership, or for any use by him of the property, name or any business connection of the Nameof LLP  Every partner shall indemnify the limited liability partnership and the other existingpartner for any loss caused to it by his fraud in the conduct of the business of the limited liabilitypartnership.22.In case any of the Partners of the Name of LLP  desires to transfer or assign his interest orshares in the he can transfer the same with the consent of all the Partners.23.No Partner shall without the written consent of other Partners :- 4  - Engage or Expel for gross misconduct, dismiss any employee of the partnership - Employ any money, goods or effects of the partnership or pledge the credit thereof except inthe ordinary course of business and upon the account or for the beneit of the  Name of LLP - Enter into any bond or become sureties or security with or for any person or do knowinglycause or suffer to be done anything whereby the partnership property or any part thereof may be seized. - Assign, mortgage or charge his or her share" in the partnership or any asset or propertythereof or make any other person a partner therein. - Engage directly or indirectly in any business competing with that of the limited liabilitypartnership. - Lend money or give credit on behalf of the Name of LLP  or to have any dealings with anypersons, company or irm whom the other partner previously in writing have forbidden it totrust or deal with. Any loss incurred through any breach of provisions shall be made goodwith the Name of LLP  by the partner incurring the same. - Compromise or compound or (except upon payment in full) release or discharge any debt dueto the Name of LLP  except upon the written consent given by the other partner. - Enter into any bond or become bail or surety for any person or knowingly cause or suffer tobe done anything whereby the limited liability partnership property may be endangered Meeting 24.The meeting of designated partners may be called by giving at least 1 day notice. In case if anyurgent meeting is called the notice requirement is to be ratiied by all the Partners.25.The matter discussed in the Name of LLP  meeting shall be decided by a resolution passed by amajority in number of the partners, and for this purpose, each partner shall have one vote.26.The meeting of Partners shall ordinarily be held at the registered ofice of the Name of LLP  or at any other place as per the convenience of partners.27. Name of LLP  shall ensure that decisions taken by it are recorded in the minutes within 30 daysof taking such decisions and are kept and maintained at the registered ofice of the Name of LLP 28.Each partner shall--I.Punctually pay and discharge the separate debts and engagement and indemnify theother partners and Name of LLP  assets against the same and all proceedings, costs,claims and demands in respect thereof.II.Each of the partners shall give time and attention as may be required for the fulillment of the objectives of the Name of LLP  business and they all shall be the working partners. Duties of Designated Partner 5
Search
Similar documents
View more...
Tags
Related Search
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks
SAVE OUR EARTH

We need your sign to support Project to invent "SMART AND CONTROLLABLE REFLECTIVE BALLOONS" to cover the Sun and Save Our Earth.

More details...

Sign Now!

We are very appreciated for your Prompt Action!

x