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of <h1>LLP Partners Share Equally in Profits, Losses; Unanimous Consent Needed for New Partners and Business Changes</h1> In the absence of an agreement, the mutual rights and duties of partners in a limited liability partnership (LLP) are governed by statutory provisions. Partners share equally in capital, profits, and losses, and the LLP indemnifies partners for liabilities incurred during proper business conduct. Partners must indemnify the LLP for losses caused by fraud. All partners can participate in management but receive no remuneration. New partners require unanimous consent. Decisions are made by majority vote, but business nature changes need unanimous consent. Partners must provide true accounts and cannot compete or derive benefits without LLP consent. Disputes unresolved by the agreement are referred to arbitration.
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