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LLP / Operating Agreement

An LLP agreement or partners' operating agreement that records who owns what, who decides what, and how profits, losses and exits are handled.

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Overview

For an LLP, the agreement must be filed with the Registrar in Form 3 within 30 days of incorporation. Without one, the default rules in the First Schedule to the LLP Act, 2008 apply — including equal sharing of profits — which rarely reflects what the partners actually agreed.

We draft capital contributions, profit sharing, the roles of designated partners, decision-making and deadlock, admission and retirement of partners, restrictions on transfer, and dispute resolution, so that the agreement still works when the business grows or a partner leaves.

What's included

check_circle Capital contribution and profit-sharing terms
check_circle Management, voting and deadlock provisions
check_circle Admission, retirement and exit, including valuation
check_circle Confidentiality and non-compete between partners
check_circle Dispute resolution clause
check_circle Guidance on stamping and Form 3 filing

What we'll need

01Names of the partners and their contributions
02Profit-sharing ratio and each partner's role
03How exits and transfers should be handled
attach_file Identity proof

Common use cases

A newly incorporated LLP
Putting an informal arrangement in writing
Admitting a new partner

How it works

01
Tell us the details
A short form and any documents we need.
02
Pay securely
A verified professional picks up your request.
03
Track & receive
Follow progress and get your documents in your dashboard.

Common questions

Is an LLP agreement mandatory?

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It must be filed within 30 days of incorporation. Without it, the default rules of the First Schedule to the LLP Act apply, including equal sharing of profits and losses.

Can the agreement be changed later?

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Yes. Changes are made by a supplementary agreement signed by the partners and filed with the Registrar in Form 3 within 30 days of the change.

Does an LLP agreement need stamp duty?

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Yes. LLP agreements attract stamp duty under the state Stamp Act, usually based on the capital contribution, so the amount varies by state.

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