This LLP Checklist helps you to focus on the decisions that need to be made when setting up an LLP. It will also enable you to choose which of the Simply-Docs LLP agreements to use.
The checklist has a range of straightforward questions to enable you to focus on the key legal and commercial issues that need to be considered when setting up an LLP, including capital contributions, drawings, profit and loss share, banking, insurance, holidays and management of the business.
An LLP (unlike a partnership) needs to be incorporated and registered with Companies House and whilst it has no articles of association, members will often enter into an LLP agreement (which is a private document). This checklist will help members to focus on the important issues it wants covered in such an agreement, so that certain default provisions (implied by legislation), such as there being no power to expel a member without his or her consent, will not apply.
This checklist has been updated to reflect the Supreme Court ruling of May 2014 relating to the status of LLP members as “workers” for the purposes of the Employment Rights Act 1996. This means that individual members will enjoy the statutory rights and protections conferred on “workers” under legislation, governing amongst other things, whistleblowing protection, rest breaks and paid annual leave,
This LLP Checklist is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
Once you have purchased access to the appropriate document folder click on the “Download Document” button below. You will be asked what you want to do with the file. It is recommended that you save the document to a location of your choice prior to viewing.