Divakar and Raina, two individuals, have established a Limited Liability Partnership (LLP) to conduct business in computer hardware and peripherals at Nehru Place, New Delhi. They are now seeking guidance on drafting the

After the incorporation, the designated partners must enter into an LLP agreement in the prescribed format. It is not necessary to have the LLP Agreement signed at the time of incorporation, as the details of the same need to be filed in e-form 3 within 30 days of incorporation along with the Certificate of incorporation as LLP form ROC but in order to avoid any dispute between the partners as to the terms & conditions of the agreement the same can be filed afterwards. The contents of the limited liability partnership agreement are as follows: Name and Registered Office of LLP Business Objectives and Scope of Operations (e.g., computer hardware and peripherals) Details of Partners Contribution (monetary or otherwise) Profit-sharing ratios Designated vs. ordinary partners Capital Contribution Initial contributions Manner of additional contributions Duties and Rights of Partners Roles, powers, and restrictions Decision-making & Meetings Voting rights Quorum and resolution mechanisms Banking and Accounting Maintenance of accounts and audit provisions (if required) Remuneration/Compensation For services rendered by partners Admission, Retirement & Expulsion of Partners Dispute Resolution Arbitration clause or other modes Winding Up and Dissolution Indemnity and Liability Clauses Miscellaneous Accordingly, Divakar and Raina are advised on the aforesaid contents that should be included in the LLP agreement.