The mutual rights and duties of partners inter se and those of the LLP and its partners shall be governed by the agreement between partners or between the LLP and the partners. This Agreement would be known as  ’LLP Agreement’.

As per provisions of the LLP Act, in the absence of any LLP agreement, the mutual rights and liabilities shall be as, provided for under Schedule I to the Act. Therefore, in case any LLP proposes to exclude provisions/requirements of Schedule I to the Act, it would have to enter into an LLP Agreement, specifically excluding applicability of any or all paragraphs of Schedule I.

In order to ensure better governance , it is always advsiable to enter into a well drafted legal agreement. LLPonline.in has team of experienced legal professionals for drafting LLP Agreement as per the needs of the partners.

As per the provisions of Act the cessation can be either as prescribed in the agreement in the absence of agreement the cessation can be done by giving 30 days notice. Therefore everything depends upon the LLP Agreement.  

 Till the time the Stamy duty statues of different states recognizes LLP agreement, the stamp duty payable on partnership deed therein , shall be payable on the LLP Agreement.