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Limited Liability Partnership (LLP) Agreement
Free LLP agreement template — for professional partners (e.g. law, accounting, consulting firms) with limited personal liability.
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This free limited liability partnership (llp) agreement covers 1. Formation, 2. Capital Contributions, 3. Management, 4. Liability Protection, 5. Profit Distribution with 10 clearly marked [placeholder] fields to fill in — built for founders, freelancers, and small business owners formalizing a business decision or agreement without paying a lawyer to draft it from scratch. Copy it into your own word processor, fill in the placeholders, and review it — or adapt it — before use. It's part of docstoc's free document template library, alongside business, legal, real estate, finance, and HR templates. Every template here is free to copy with no signup required, and each one carries a plain disclaimer: this is a starting point for informational purposes, not a substitute for advice from a licensed professional in your jurisdiction.
Limited Liability Partnership Agreement
Partnership Name: [Name], LLP Partners: [List all partners and ownership %] Effective Date: [Date]
1. Formation
The partners form an LLP under [State] law by filing the required registration with the Secretary of State.
2. Capital Contributions
| Partner | Contribution | Ownership % |
|---|---|---|
| [Partner] | [Amount] | [%] |
3. Management
[Describe — e.g. "each partner may bind the partnership in matters within their practice area" or "a managing committee of ___ makes major decisions."]
4. Liability Protection
Each partner's personal liability is limited to their own acts and the acts of those they supervise — partners are generally not personally liable for the malpractice or misconduct of other partners, per [State] LLP law.
5. Profit Distribution
Profits are distributed: [Formula — e.g. by ownership %, by origination credit, or a hybrid formula].
6. Admission of New Partners
New partners are admitted by [vote threshold] of existing partners.
7. Withdrawal or Retirement
[Buyout terms and notice period for a partner leaving.]
8. Dissolution
[Events triggering dissolution and asset distribution.]
[Each partner signs:] Partner: ______________________ Date: ____________
*This document is provided for informational and educational purposes only and does not constitute legal advice. LLPs are most commonly used by licensed professionals (law, accounting, medicine) and availability/rules vary by state and profession — confirm your state permits an LLP for your specific profession before forming one.*
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What's included
- Edit online — click the document, fill in placeholders, download a PDF
- 8 standard sections: 1. Formation, 2. Capital Contributions, 3. Management, 4. Liability Protection, 5. Profit Distribution, 6. Admission of New Partners, …
- 10 clearly marked [placeholder] fields for quick personalizing
- Free to use — no account or signup required
- Fully editable — adjust any clause to match your actual situation
- Includes a signature block, ready to print or sign digitally
- Fixed docstoc.io footer on every PDF (not removable)
Who this template is for
Freelancers & solo founders
Handling routine business paperwork without commissioning custom legal drafting for every document.
Small businesses
Standardizing recurring documents — leases, agreements, notices — across a growing operation.
Anyone reviewing before signing
Using a clear starting structure to understand what a document should cover, even if a lawyer finalizes it.
Early-stage businesses
Getting the basics documented before things get more complex.
FAQ
Is this limited liability partnership (llp) agreement template really free?
Yes. Like every template in docstoc's library, this limited liability partnership (llp) agreement is free to use, with no account or signup needed to view, edit, or download it.
What does this limited liability partnership (llp) agreement cover?
This business template includes 1. Formation, 2. Capital Contributions, 3. Management, 4. Liability Protection. Fill in the [bracketed] placeholders, edit any clause online, then download a PDF — the docstoc.io footer stays on every export.
Is this legal advice?
No. Templates like this cover the common ground most businesses need, but they can't anticipate your specific deal terms, jurisdiction, or industry rules. Treat it as a first draft to build from, and get a business attorney's eyes on it before signing anything that matters.
Can I edit the wording?
Yes. All 10 placeholder fields and every clause are editable right on the page — change what doesn't fit, then download an updated PDF anytime.
Where can I find more free templates like this?
Browse more free business and related document templates in the docstoc library at /document-templates/.
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