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LLP Operating Agreement

LLP Operating Agreement Template for Australia

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Key Requirements PROMPT example:

LLP Operating Agreement

"I need an LLP Operating Agreement for a 12-partner accounting firm based in Sydney, launching in January 2025, with provisions for international operations in Singapore and New Zealand, and specific clauses for partner track progression and profit-sharing based on seniority."

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Document background
The LLP Operating Agreement serves as the foundational document for professional partnerships seeking to operate under the limited liability partnership structure in Australia. This document is essential when establishing a new LLP or updating the governance structure of an existing partnership. It comprehensively addresses partner relationships, capital contributions, management rights, profit sharing, and operational procedures while ensuring compliance with Australian partnership legislation and relevant state/territory regulations. The agreement is particularly crucial for professional service firms seeking to balance collaborative partnership with liability protection, incorporating both mandatory legislative requirements and customizable elements to suit specific business needs.
Suggested Sections

1. Parties: Identifies all initial partners and the partnership entity

2. Background: Explains the context and purpose for establishing the LLP

3. Definitions and Interpretation: Defines key terms and interpretation rules used throughout the agreement

4. Formation and Name: Details of partnership establishment, business name, and registration

5. Partnership Purpose and Scope: Defines the business objectives and permitted activities

6. Term and Commencement: Specifies the partnership duration and start date

7. Capital Contributions: Details initial and ongoing capital contribution requirements

8. Partnership Interests: Defines ownership percentages and partnership units

9. Profits and Losses: Explains profit sharing and loss allocation mechanisms

10. Management Structure: Outlines management roles, voting rights, and decision-making processes

11. Partner Rights and Obligations: Details partners' duties, rights, and responsibilities

12. Meetings and Resolutions: Procedures for partner meetings and decision-making

13. Financial Management: Covers accounting practices, distributions, and financial reporting

14. Transfer of Partnership Interests: Rules for transferring ownership interests

15. Admission of New Partners: Procedures for admitting additional partners

16. Withdrawal and Retirement: Process for partner withdrawal or retirement

17. Dissolution and Winding Up: Circumstances and procedures for partnership dissolution

18. Dispute Resolution: Mechanisms for resolving partner disputes

19. General Provisions: Standard legal provisions including notices, amendments, and governing law

Optional Sections

1. Intellectual Property Rights: Addresses IP ownership and usage when the partnership deals with significant intellectual property

2. Non-Competition and Confidentiality: Detailed restrictions on partner competition and information handling for professional service partnerships

3. Insurance Requirements: Specific insurance obligations when required by industry or risk profile

4. International Operations: Additional provisions for partnerships operating across multiple jurisdictions

5. Technical Services Agreement: For partnerships providing specialized technical services

6. Professional Standards: For regulated professions or industries with specific compliance requirements

7. Employee Partnership Track: Details progression path for employees to become partners

8. Special Purpose Vehicles: Provisions for creating and managing subsidiary entities

Suggested Schedules

1. Schedule 1: Partner Details: Complete information about initial partners including contact details and professional qualifications

2. Schedule 2: Capital Contributions: Detailed breakdown of each partner's initial and committed capital contributions

3. Schedule 3: Partnership Interest Register: Current register of partnership interests and ownership percentages

4. Schedule 4: Management Structure: Detailed organizational chart and management responsibilities

5. Schedule 5: Approved Business Plan: Initial business plan and strategic objectives

6. Schedule 6: Distribution Policy: Detailed profit distribution and drawing policies

7. Appendix A: Partnership Policies: Key operational policies and procedures

8. Appendix B: Forms and Notices: Standard forms for partnership administration

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






































































Clauses




















































Relevant Industries

Legal Services

Accounting and Finance

Management Consulting

Architecture and Design

Engineering Services

Medical Practices

IT Consulting

Real Estate Services

Professional Services

Business Advisory

Relevant Teams

Legal

Finance

Compliance

Human Resources

Operations

Administration

Partnership Office

Corporate Governance

Risk Management

Business Development

Relevant Roles

Managing Partner

Senior Partner

Partner

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Legal Counsel

Compliance Officer

Partnership Secretary

Finance Director

HR Director

Practice Manager

Associate Partner

Department Head

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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